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November 23, 2011

CCSD Again Earns Highest Possible Rating on Financial Audit

Charleston County School District (CCSD) has earned the highest-possible rating on its external financial audit for the second straight year. 

The results are for the fiscal year ending June 30, 2011. At the district's Board of Trustees meeting on November 28, the external auditor praised the board and the administration for CCSD Earns Highest Rating on Audittheir hard work in ensuring the fiscal health of the district. 

As a result of difficult choices, a commitment to investing in what works, and sound management of the taxpayers' dollars, CCSD's "rainy day" contingency fund has now increased to $34.4 million. Policy requires that the district set aside at least 5 percent of the overall budget—this year, the contingency fund represents nearly double this percentage (9.27 percent of the overall budget). 

In addition to this positive financial news, the district just received its first ever "Good" rating on the state report card, and CCSD's growth rating jumped three levels to "Excellent."

To learn more about the audit results, please view the auditor's presentation to the Board.

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