The Association of School Business Officials (ASBO) International has awarded Virginia Beach City Public Schools (VBCPS) its Certificate of Excellence (COE) in Financial Reporting. This award is presented to school divisions that prepare a Comprehensive Annual Financial Report (CAFR) that exemplifies a commitment to financial reporting and transparency.

"The CAFR informs parents and other stakeholders about the financial and economic state of the district, making it an important communications tool for building trust and engaging with the school community," stated ASBO International Director of Recognition Programs Molly Barrie. ABSO further requires that the CAFR must go beyond minimum information that is in conformity with generally-accepted accounting principles. A team of professional auditors reviews each CAFR submitted by school divisions before awards are presented.

This is the 22nd consecutive year VBCPS has received this honor.

"Being good stewards of the public's money is something that we take immense pride in and for that reason this is an award that is significantly meaningful," said VBCPS Superintendent Dr. Aaron Spence. "Our CAFR is not only a comprehensive view of our financial information, but we present it in a way that any member of the public can understand."

In addition to a multitude of financial and compliance statements as well as an independent auditor's review, the school division's CAFR includes an introductory section with information about the economic outlook, management's analysis and major initiatives.

This award was presented for the division's CAFR ending fiscal year 2018. In past years, VBCPS has received this award in addition to national recognition from the Government Finance Officers Association, which also acknowledges school divisions for transparency in preparing financial documents.

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Department of Communications and Community Engagement, [email protected]

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