Last week, the offices of Gorenz and Associate, Ltd.-Certified Public Accounts conducted the annual third-party audit process for CUSD2 and rated the school district’s financial profile as excellent. This is the highest rating a school district can receive by an auditor. CUSD2 has received this rating of excellence for the past two years.
Some reasons why CUSD2 was rated excellent again this year:
- For the past two years, the school district has spent less than it has received in revenues therefore contributing to the fund surpluses.
- At the end of June 2020, fund surpluses were approximately 10 million dollars. That is enough reserves to run the school district for approximately nine months. (Most school districts are fortunate if they have 3-4 months in reserves.)
- All debt will be paid in full by the end of FY24. The district had a need to borrow money for years. Now, the district is in a position to be debt-free soon and/or in a position to consider a capital project. CUSD2’s legal debt limit is over 23 million and the current debt is approximately 3 million.
- CUSD2 is over 80% locally funded and therefore is not significantly dependent on state and federal revenue streams, as many other school districts.
- Community members of CUSD2 pay their taxes, 96%-98%. In most districts throughout the state, that number is far less.
I, Superintendent Byrd, believe we remain in a good financial position due to the simple financial goals that we try to follow:
- Provide the best education opportunities possible for ours students while working within the confines of our budget.
- Spend less (expenses) than we receive each year (revenue).
- Always spend effectively and efficiently.
- Be good stewards of the CUSD2 taxpayers’ money.
- Be transparent at all times.
- Be proactive with future technology and capital projects.