Oak Lawn-Hometown School District 123 has been honored with dual accolades from the Association of School Business Officials International (ASBO): the Meritorious Budget Award (MBA) for the fiscal year 2022–2023 and the Certificate of Excellence in Financial Reporting (COE) for the fiscal year ended 2022.
In a time when fiscal responsibility and transparency are crucial for strengthening the bond between educational institutions and their communities, Oak Lawn-Hometown School District 123's achievements exemplify its dedication to open, transparent, and accountable financial operations. These recognitions validate the district's meticulous approach to financial reporting and empower the community with clearer insights into how resources are allocated, further promoting trust and collaboration.
ASBO International COO/Interim Executive Director Siobhán McMahon, stated,
"ASBO International's MBA program equips districts with robust tools for transparent and comprehensive budget presentations. The recognitions illuminate the district's commitment to keeping the community informed, sharing its objectives, and enhancing understanding about financial decisions."
Beyond internal accolades, the district's commitment to financial transparency and excellent reporting, as seen through the COE recognition, directly impacts its position in the financial markets. Bond ratings, which serve as indicators of the creditworthiness of institutional borrowers, can be significantly influenced by the clarity and comprehensiveness of a district's financial reporting. Positive bond ratings may lead to favorable interest rates for the school district, resulting in potential savings for taxpayers. Oak Lawn-Hometown School District 123's accolades highlight its dedication to financial excellence, which in turn could streamline bond rating processes and facilitate better-borrowing terms. These recognitions further enhance the district's reputation, underscoring its commitment to maintaining the highest standards in school business.
McMahon further elaborated on the COE's significance,
"Transparent financial reporting, epitomized by the COE recognition, plays a pivotal role in reinforcing trust and robust engagement within our educational communities."
For more insights into ASBO International's commendations and initiatives, visit asbointl.org/MBA and asbointl.org/COE.