BISD receives two awards for financial transparency

The Association of School Business Officials International has awarded the Certificate of Excellence in Financial Reporting to the Brownsville Independent School District for meeting the association’s high standards for financial reporting and transparency.

By participating in the Certificate of Excellence program, school districts demonstrate their committment 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 program requirements, the document may receive the certificate of excellence.

In a news release, BISD said a district’s participation in the certificate of excellence program can facilitate bond rating and continuing bond disclosure processes. The certificate of excellence program is sponsored by ASBO strategic partner American Fidelity. The CAFR was judged by an impartial panel to meet the program’s high standards, which include demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR, BISD stated in the release.

BISD earned both certificates for its Comprehensive Annual Financial Report for the fiscal year ending 2019 and are the highest forms of recognition, the release stated.

“ I am extremely proud of our business and finance teams, BISD Superintendent Rene Gutierrez said. “This is the district’s 12th year to receive the certificates and it shows that we are efficiently and effectively meeting the progrm’s standards of financial reporting and transparency. Less than 6% of the school districts in Texas received these awards.”