RED BANK, NJ: The Association of School Business Officials International (ASBO) is pleased to award Red Bank Borough Board of Education with 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 accountability. The school district earned the Certificate of Excellence for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended 2018. This is the second consecutive COE for the District. 

“The COE’s mission is to promote and recognize excellence in financial reporting, specifically through a district’s CAFR,” ASBO International Director of Recognition Programs Molly Barrie 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.” 

By participating in the COE program, school districts demonstrate their commitment to financial transparency. Applicants submit their CAFR for review by a team of professional auditors, who provide feedback to improve future documents. If the CAFR meets the requirements of the program, the document may receive the Certificate of Excellence. A district’s participation in the COE program can facilitate bond rating and continuing bond disclosure processes. The COE is proudly sponsored by ASBO International Strategic Partner American Fidelity. 

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Superintendent of Schools, Dr. Jared Rumage, credits School Business Administrator, Ms. Debra Pappagallo and the Board of Education for their attention to detail and making transparency a top priority. As the District approaches a November 5, 2019 referendum vote this recognition should demonstrate to the Red Bank community that the Board of Education places a high priority on fiscal responsibility. Dr. Rumage said, “The Board of Education and our District Leadership are committed to providing the highest quality educational experience for our students while being respectful of the impact school budgeting has on the local taxpayer.” 

The aforementioned referendum proposes to fund emergent projects including a roof replacement at Red Bank Primary School and a full window replacement at Red Bank Middle School. Additionally, the proposed referendum includes the replacement of several HVAC units at the Primary School. The new debt will replace retiring debt and therefore be tax neutral. The referendum will also capitalize on the opportunity for debt service aid with the State funding 34 -40% of the total cost.