Business & Finance

TCAPS Awarded 13th Consecutive Certificate of Excellence in Financial Reporting 

Bond refunding also allows district to get best outcome from tax dollars

The Association of School Business Officials International (ASBO) has awarded Traverse City Area Public Schools its Certificate of Excellence (COE) in Financial Reporting for the 13th consecutive year for its 2018 Comprehensive Annual Financial Report (CAFR). 

“It is an honor for TCAPS to be recognized for the 13th year in a row for adhering to the highest standard of financial reporting and transparency,” said Paul Soma, superintendent of Traverse City Area Public Schools. “We are proud that what began as a financial best practice has become a district standard.”

“The COE’s mission is to promote and recognize excellence in financial reporting, specifically through a district’s CAFR,” ASBO International Executive Director John Muzzo says. “The CAFR informs parents and other stakeholders about the financial and economic state of the district, making it an important communications tool for building trust and engaging with the school community.”

ASBO created the certificate as a way of recognizing school districts that meet the highest standard in financial reporting. The nationally recognized awards are given based on school districts’ Comprehensive Annual Financial Reports, which demonstrate the credibility of a school system’s operations, the integrity and technical competence of its business staff, and transparency and accountability in financial reporting. Less than 3% of school districts in Michigan typically receive this award each year.

The TCAPS Board of Education also recently adopted a resolution detailing the terms and conditions of the Traverse City Area Public Schools 2018 refunding bonds. Similar to refinancing the mortgage rate on a house, refunding bonds allows more dollars to go toward the school district’s capital projects that support educational programs, instead of going toward interest payments. 

Financial Reports & Information

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