Treasurer Talk

News from the SCS Treasurer (Volume II, Issue 2)

January, 2020 Edition

Introduction

Hello, this is George Anagnostou, Treasurer of Strongsville City Schools. One objective within our strategic plan is to actively partner and communicate with our parents and residents to strengthen school-community bonds. In an effort to improve communication about financial topics of our school district, I will be publishing a newsletter, Treasurer Talk, to address these various topics which impact our budget. This edition will focus on the District’s annual financial reports.

Annual Budget Document Fiscal Year 2019-2020

By Ohio Law, the annual budget is required to be presented, approved by the Board of Education, and filed with the Cuyahoga County Budget Commission by September 30. In addition to the annual budget, the Board of Education must approve and file a general fund five-year forecast semi-annually (November 30 and May 31) with the Ohio Department of Education. The November submission is tied to our District’s annual budget.


This is the fourth consecutive year that our District has set a goal of preparing the annual budget document in a format that meets the requirements of the Association of School Business Officials International (ASBO) Meritorious Budget Award Program. The Meritorious Budget Award Program is the highest standard for school districts to attain when formulating their budget presentation and financial plan. For fiscal year 2018-2019, Strongsville was one of four Ohio Districts to receive the award along with Berea, Cleveland, and Hilliard City Schools.


The 2019-2020 fiscal year annual budget was developed with input from the Board of Education, District Central Office Leadership Team (COLT), building principals, and other departmental staff members to align the budget with District goals and objectives.


At first glance, the budget document can be overwhelming to read, yet it is broken down into four sections so that the reader can easily access the information/resources that are of interest.


  • Executive Summary / Introductory Section:
    This section is a seperate liftable document that summarizes the District’s budget and goals.

  • Organizational Section:
    This section highlights the governance structure and significant financial policies of the School District.

  • Financial Section:
    This section makes up the majority of the budget document. It contains the budgeted financial statements of the District by fund and budget center. The statements are presented with four years of actual data, the proposed budget year, and three years of projected budgets.


  • Informational Section:
    This section is made of of statistical information, such as property values, tax rates, enrollment history, staffing levels, debt schedules, and state report card information.


To view the annual budget, along with the five-year forecast, see the following links:

Comprehensive Annual Financial Report (CAFR) Fiscal Year 2018-2019

Annually, our District is audited by the Ohio Auditor of State’s office for the fiscal year that just passed. The audit will usually commence in August and run through December. Our District has 150 days (November 30) to submit Generally Accepted Accounting Principles (GAAP) financial statements to the Auditor’s Office for audit.


This is the fourth consecutive year that our District has set a goal to prepare the financial statements as a Comprehensive Annual Financial Report (CAFR) that meets the requirements for the Government Finance Officers Association (GFOA) Certificate of Achievement program and the Association of School Business Officials International (ASBO) Certificate of Excellence in Financial Reporting.


Strongsville City Schools received a clean financial audit for fiscal year 2018-2019 with no comments or findings. On Monday, January 13, 2020 the State Auditor announced that our District qualified for the Auditor of State Award with Distinction.


“By keeping excellent financial records, these school districts show that they have the best interest of students in mind,” State of Ohio Auditor Keith Faber stated.


To view the audited CAFR, see the following link:

Audited Comprehensive Annual Financial Report FY 2018-2019

District Awards

ASBO Meritorious Budget Award

Our District has received this national award from the Association of School Business Officials (ASBO) for 3 straight years, recognizing sound fiscal management

ASBO Certificate of Excellence in Financial Reporting

SCS has received this national certification for 3 straight years for the District's Comprehensive Annual Financial Report (CAFR)

GFOA Certificate of Achievement for Excellence in Financial Reporting

The Treasurer's Office has earned this certificate of achievement from the Government Finance Officers Association (GFOA) for 3 straight years for the District's Comprehensive Annual Financial Report (CAFR).

Additional Information

For additional financial information for Strongsville City Schools, please visit the Treasurer’s website by clicking here. You can also follow me on Twitter at @SCSTreasurer

#WeAreStrongsville