District earns “A1” rating by Moody’s Investors Service
The Woodburn School District passed its annual independent audit for the fiscal year ending June 30, 2018. The audit is an annual requirement of all public agencies in Oregon.
“Our school district is in a strong financial position,” said Superintendent Chuck Ransom. “An independent audit shows our community that we are good stewards of their tax dollars.”
An independent auditor reviewed the financial statements of the school district’s governmental activities, each major fund and the aggregate remaining fund information.
The firm conducts its review in compliance with: general accepted accounting principles and auditing standards; Oregon Municipal Audit Law and related administrative rules; and federal, state, and other agency rules and regulations related to expenditures of federal awards.
Results of the audit include an opinion letter that issues a “clean” opinion with no reservations. There were also no issues of non-compliance and no questioned costs related to federal awards.
The ending fund balance of the General Fund is $17.1 million or approximately 27 percent of the total General Fund Revenues, which is in keeping with the Woodburn School Board’s policy. An ending fund balance is a resource the school district carries over to fulfill its obligations for the following fiscal year and plan for future expenditures.
The strong financial position of the school district recently earned it an “A1” rating with Moody’s Investors Service. The A1 rating reflects the district’s credit characteristics and financial position which is “uncommonly strong compared to Oregon peers and should remain sound.”
Interested parties can download a copy of the audit on the school district’s web site at http://www.woodburnsd.org/district/departments/business. Questions can be directed to Sarah Bishop, Director of Business, at (503) 981-2703.