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Tuesday, October 16, 2012

Latest Comprehensive Annual Financial Report (CAFR) Available Online


Anyone interested in learning more about the financial workings of the Wicomico County Public Schools will find a wealth of information in the school system’s latest Comprehensive Annual Financial Report (CAFR). The Board approved the CAFR at its October meeting and it is now posted online at http://www.wcboe.org/file/FY2012ComprehensiveAnnualFinancialReportCAFR-2350

The Division of Business Support Services prepared the CAFR, at the direction of Superintendent of Schools Dr. John Fredericksen. It covers the budget year that ended June 30, 2012. 

“The CAFR spells out the priorities of the school system in real terms – dollars and cents. The vast bulk of the expenditures are for salaries and fringe for instruction. The remainder of the money funds supplies, energy, facilities, safety and technology,” Dr. Fredericksen said. “By placing the information in a comprehensive document, community members and other agencies can readily assess how we’re doing and make appropriate decisions. It’s our belief that this greater level of transparency will help us build community trust and support.”

This is the third CAFR for Wicomico Schools, and all three reports are posted online. The comprehensive financial reporting effort has earned national honors. The Government Finance Officers Association of the United States and Canada awarded a Certificate of Achievement for Excellence in Financial Reporting for both the FY2010 CAFR and the FY2011 CAFR. The Association of School Business Officials also awarded a Certificate of Excellence in Financial Reporting to the Board of Education of Wicomico County for both the FY2010 CAFR and the FY2011 CAFR. 

The CAFR provides a thorough and detailed presentation of the school system’s financial condition, activities and balances for the fiscal year. It contains a number of financial statements as well as Management’s Discussion and Analysis about the financial statements. Information is also included on the local economy, capital plans, enrollment, budget, staffing, much of it presented over 10 years to enable trend analysis.

The Board’s financial statements have been audited by the firm TGM Group LLC, certified public accountants, which issued an unqualified “clean” opinion on the financial statements for the fiscal year that ended June 30, 2012. The Independent Auditors’ Report from TGM Group appears at the front of the CAFR.

“This is the third year the Board has completed a CAFR and we would like to thank our Superintendent, John Fredericksen, for providing the direction, leadership and support for the development of this comprehensive reporting tool,” said E. Bruce Ford, Comptroller for Wicomico Schools. TGM Group and the staff of Business Support Services were also critical to the successful completion of the CAFR. “The CAFR is packed with useful financial information that anyone in the community can access to better understand the public school system in Wicomico County.”

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