RED BANK, NJ:  The Association of School Business Officials International (ASBO) is pleased to award Red Bank Borough 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 Comprehensive Annual Financial Report (CAFR) for the fiscal year ended 2019.

 “The COE’s mission is to promote and recognize excellence in financial reporting, specifically through a district’s CAFR,” ASBO International Executive Director David Lewis says. “The CAFR 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 CAFR for review by a team of financial professionals, 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. ASBO International Strategic Partner American Fidelity proudly sponsors the COE.

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Superintendent of Schools, Dr. Jared Rumage, credits past School Business Administrator, Debra Pappagallo and current School Business Administrator, Eileen Gorga, as well as the Red Bank Borough Board of Education for their attention to detail and making transparency a top priority.

Board of Education President, Dr. Frederick Stone states “This commendation further acknowledges the excellence of the professionals we have leading the Red Bank Borough Public Schools. “ During this fiscal year, the district also launched a successful and tax-neutral referendum campaign aligned with the district’s strategic plan enabling capital improvements including roofing, windows, and HVAC units. Project work will initiate on July 1, 2020 to improve all facilities and provide the environment to support the BIG Dreams of each Red Bank Borough Public Schools student.

The Certificate of Excellence recognition confirms 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.”

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