District 218 earns state’s highest finance rating
December 13, 2012 1:06PM
Updated: January 17, 2013 6:04AM
The Illinois State Board of Education has awarded Community High School District 218 the highest possible fiscal rating for the eighth consecutive year. District 218 also earned a perfect score of 4.0 for the fifth straight year.
District 218 in 2012 again earned “financial recognition.” The board categorizes school districts annually with the following ratings: financial watch, financial early warning, financial review and financial recognition.
“The district received an unqualified opinion for this past year’s audited financial statements,” business manager Joe Daley said. “The district also received unqualified opinions related to compliance and internal controls over financial reporting and each major program.”
The term “unqualified” means that the audit report stands as presented by the auditing firm without any negative exceptions or connotations.
In their presentation to the board, Michael Zagar and John George, of the auditing firm McGladrey and Pullen, stressed that magnitude of maintaining the financial health of District 218.
“We found no internal control weaknesses,” Zagar said. “District 218 again earned an unqualified opinion and the highest finance rating in Illinois.”
District 218 received a perfect 4.0 estimated financial profile score or a designation of recognition in the annual financial report. This is the Illinois State Board of Education’s highest rating for school districts.
School districts earn their ratings based on five criteria, including fund balance-to-revenue ratio; expenditures-to-revenues ratio; days’ cash on hand; percent of short-term borrowing available; and percent of long-term debt remaining.
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