This week, the Oak Lawn-Hometown School District 123 business office was awarded the Certificate of Excellence (COE) for Financial Reporting for Fiscal Year 2023 from the Association of School Business Officials International (ASBO). This is the third consecutive year District 123 has been awarded this honor.
This achievement recognizes districts that have met the program’s high standards for financial reporting and transparency. District 123 earned the Certificate of Excellence for its Annual Comprehensive Financial Report for the fiscal year ending 2023.
“For over half a century, ASBO International’s Certificate of Excellence in Financial Reporting has been the gold standard in promoting and recognizing excellence in financial reporting,” according to ASBO International Executive Director Jim Rowan, CAE, SFO. “Communicating the financial and economic state of a district is so important when engaging with the school community and building their trust. Districts that receive the COE Award have demonstrated their ability to do that at the highest level.”
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. This recognition further enhances the district's reputation, underscoring its commitment to maintaining the highest standards in school business.