District has history of strong fiscal stewardship of community resourcesStrategic priority number four of the district's Strategic Plan identifies the board's commitment to "generate, align, and coordinate all available resources to serve the best interests of the students. Develop flexibility and adaptability to achieve our mission in a changing economic environment." This commitment to the highest level of stewardship can be exemplified by the agencies that monitor our financial success.
Moody's upgrades district's bond ratingEverett Public Schools has earned an increased bond rating based on its creditworthiness and financial performance. Moody’s Investors Service has assigned its underlying rating of “Aa1” to the district’s $47.9 million unlimited tax general obligation bonds and upgraded the rating on $145.8 million of outstanding general obligation debt to “Aa1” from “Aa2.”Moody’s credit opinion notes, “Everett School District benefits from a strong and proactive management team that demonstrates conservative budgeting practices, conducting multi-year forecasts, cash-flow projections, and scenario analysis.”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 12 of the past 13 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 three of these districts have better audit records than Everett Public Schools.
What the State Auditor's Office has to sayMay 16, 2017"District staff are dedicated to producing high quality financial reports and showed great professionalism and knowledge.""... staff foster a strong culture of internal controls and administration closely monitors financial activity at decentralized locations such as schools."Assistant Audit Manager
Award winning financial reports
As the 14th 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 2016-17 CAFR, as it has for the past 31 consecutive years. The district was also awarded the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the twelfth 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.