Fiscal stewardship is a top priority of the district
Timely refinancing saves taxpayers more than $27 million
Much like homeowners watch for lower interest mortgage rates to save money by refinancing their homes the district watches for opportunities to refinance bonds to save money for taxpayers.
Over the past 14 years, refinancing actions by the district have saved taxpayers over $27 million. The savings flow directly to taxpayers in the form of reduced tax rates.
Read the news release from our last bond refunding that saved taxpayers $3.2 million.
|District’s credit rating remain among state’s highest
When school districts refinance bonds, their bond ratings are also evaluated and adjusted. Everett Public Schools is rated “AA” by Standard and Poor’s (S&P), a rating that means it believes the district has a very strong capacity to meet its financial commitments. According to S&P, only two districts in the state exceed our high “AA” rating.
Credit ratings essentially give investors confidence about the district’s overall creditworthiness and its capacity and willingness to meet its financial commitments. These high credit ratings also mean the district is eligible for lower interest rates and savings for taxpayers.
||Clean audits amid the best in the state
Each year the State Auditor’s Office (SAO) performs an annual audit of district programs and business practices. For 11 of the past 12 years, the district has received a clean audit, with no audit findings; a stark contrast to the average of four audit findings, among the 21 comparable districts, in a ten year period.
Clean audits benefit district stakeholders and show accountability for use of public resources. Among 21 comparable districts over the past ten years, only two of these districts have better audit records than Everett Public Schools.
What the State Auditor's Office has to say
March 26, 2014
"Very, very, very good! I am once again impressed with how clean the district's statements that your staff has created were this year. GAAP financial statements are complex to put together, and you should be very proud of the product that your staff has created."
Kirk Gadbois, Assistant Audit Manager
February 25, 2015
"Congratulations on another clean financial statement audit! . . . I appreciate all the time and effort the District clearly dedicated to preparing and reviewing the statements. Thank you for your continuing commitment to accurate financial reporting."
Erika Davies, Assistant State Auditor
||Award winning financial reports
As the 12th largest school district in the state, Everett has been committed to reporting its annual fiscal activities in greater detail than minimally required in a format known as a “Comprehensive Annual Financial Report” (CAFR). The preparation of this document requires added effort by staff to provide a public benefit to our community through greater transparency.
The CAFR is independently reviewed by outside agencies and national associations to confirm the accuracy of the information presented.
Everett Public Schools has received the Association of School Business Officials (ASBO) International Certificate of Excellence in Financial Reporting for the 2013-14 CAFR, as it has for the past 28 consecutive years. The district was also awarded the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the eighth consecutive year.
The CAFR is submitted annually to the national depository where investors who purchase the district’s bonds to support school construction can monitor our ongoing fiscal stability. This higher level of reporting supports the district’s high bond rating which benefits our community through lower tax rates.