Ashburn, VA – 2022 – The Association of School Business Officials International (ASBO) is pleased to award Avon Lake City School District the Certificate of Excellence in Financial Reporting (COE). ASBO International’s COE recognizes districts that have met the program’s high standards for financial reporting and transparency. The school district earned the Certificate of Excellence for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended 2021.
“The COE’s mission is to promote and recognize excellence in financial reporting,” ASBO International Executive Director David Lewis says. “The Annual Comprehensive Financial Report informs 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.”
By participating in the COE program, school districts demonstrate their commitment to financial transparency. Applicants submit their ACFR for review by a team of financial professionals who provide feedback to improve future documents. If the report meets the requirements of the program, it may receive the Certificate of Excellence. A district’s participation in the COE program can facilitate bond rating and continuing bond disclosure processes.
Avon Lake City Schools Saves Taxpayers Over $4.5 million in Bond Refinancings
On Thursday, May 13th the Avon Lake City School District, Ohio issued $10,945,000 Refunding Bonds, Series 2021. This was the third refinancing of the original bonds that voters authorized over twenty years ago in 1999 to renovate, update and enlarge the District’s facilities. Like homeowners locking in lower interest rates, state and local governments like the District have the ability to refinance outstanding debt. By refinancing these bonds in 2005, 2014 and today, when interest rates were low, the District has saved taxpayers over $4.5 million in overall interest cost. The current Series 2021 issue consisted of Series A which refunded the remaining Series 2005 issue and Series B which refinanced the District’s Series 2014B bonds. The interest rate on the combined Series 2021 was 3.19%, compared to the new overall interest rate of .93%.