Finance Department shares positive audit report and reduction of debt service

Finance Department shares positive audit report and reduction of debt service

Our Finance Department is one of the hardest working in the field, and one of the most diligent in making sure they are good stewards of taxpayer funds. Our district financial audit, which happens on an annual basis, is again a testament to the strength of our district’s financial operation. CliftonLarsonAllen, who conducted the audit, gave the district a “clean audit opinion." This is the best an organization can do in an audit and has been the case for several years. The audit was approved by the Board at its Oct. 26 meeting.

Another highlight of the financial reporting at the Oct. 26 Board meeting was news of some significant taxpayer savings. Thanks to the proactive work of our finance department in monitoring fluctuating interest rates, the district was able to capitalize on an opportunity to refinance bonds.  As a result of that work, taxpayers will see a savings of $2.5 million in the coming years. The first reduction in taxes will be seen in 2022, with an additional reduction in 2023.  The district’s outstanding AA2 bond rating is a testament to its strong financial management.

E. Carver Co. Schools was also among only 10% of districts in the state of MN to be awarded a Certificate of Excellence (COE) for our Comprehensive Annual Financial Report (CAFR) from the Association of School Business Officials International (ASBO). The district has earned this recognition for the past nine years (2011-2019). This award recognizes excellent, comprehensive financial reporting by ASBO.  In addition, Pam Jensen, ECCS Finance and Human Resources Manager, was named the Minnesota Association of School Business Officials School Business Official of the Year in May of this year.

The 2019-20 Executive Audit Summary and other finance and budget documents are posted on the district’s website HERE.