The district -- actually its taxpayers -- pay a consultant to assemble the CAFR. The award is only on presentation, not financial practice or fiscal accountability.
Another example of your tax dollars at work; paying for the presentation of a report so the district can claim an award.
Office of the Treasurer Again Earns Recognition for Excellence in Financial Reporting
August 29, 2007- For the sixth consecutive year Olentangy Local Schools was awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA) for its Comprehensive Annual Financial Report (CAFR). The GFOA Certificate of Excellence is the highest form of recognition in the area of governmental accounting and financial reporting and its attainment represents a significant accomplishment by the district and its fiscal management practices.
"We are extraordinarily proud of having earned this third-party, professional recognition for excellence in reporting," said Becky Jenkins, Treasurer of Olentangy Schools. "It is a credit to our staff that work so hard in this area and is something about which our community can be proud."
The district first received this honor in 1997, and has graciously accepted the award on nine occasions. This award represents the fiscal year ending June 30, 2006.
The Comprehensive Annual Financial Report (CAFR) provides a range of information on the district's financial position and is used for a variety of constituencies including area residents, federal and state governmental agencies and debt companies. The CAFR is the district's audited annual financial report prepared in accordance with accounting principles generally accepted in the United States of America.
The CAFR is comprised of three major sections: introductory, financial, and statistical. The introductory section provides general information on the district's structure, services and environment. The financial section contains the auditors' opinion, balance sheets, statements of revenues, expenditures and changes in fund balance, and budget basis statements. The statistical section provides trend data and non-financial data for additional analysis of the district.
The CAFR was judged by an impartial panel according to such standards as whether the report demonstrates a constructive spirit of full disclosure and whether it motivates potential users and user groups to read the CAFR. The GFOA is a nonprofit professional association serving approximately 15,000 government finance professionals.