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Accountability: Audit, AFR, Bond Official Statement, and Benchmarking

Audit Information

In order to maintain accountability with taxpayers, and to provide current financial performance data to banks and bondholders, the Pennsylvania school code law requires that every Pennsylvania school district must be audited annually by independent certified public accounting firms (cpas).

GVSD Annual Audit reports for prior years are provided in the document container below.

Garnet Valley School District has received an unqualifed (clean) audit opinion from its auditors for each of its operating years, and there are no "reportable conditions".

Annual Financial Reports (AFR)

All Pennsylvania School Districts are required to file an "Annual Financial Report", or AFR, on the PDE mandated reporting form PDE-2057.  The AFR is an expanded version of the audit report, and it provides more detailed information about line item revenues, taxes, funding sources, and costs by subfunction and object codes. It is normally filed with PDE by October 31st, annually, unless an extension is requested.

Starting with the fiscal year July 1, 2010 - June 30, 2011 the AFR was substantially modified to reflect "fund level only" financial schedules. The AFR now excludes the "government-wide, (full accrual)" financial statements that are part of the audit report, and it includes a number of supplemental schedules to assist PDE in calculating instructional expense, tuition cost, and data for Act 1 referendum exceptions (special education cost, qualifying debt service and state retirement system net employer costs).

Recent AFRs are provided  in the document container below.

Official Statement (Bond Issue)

The district's most recent Official Statement (OS) for its general obligation bond series of 2020 is available by clicking the link below. The OS provides useful debt, tax, demographic and bond credit rating information. It is largely based on the district's recent audited financial data.

 Official Statement GOB 2020

A table of relative Moodys vs Standard & Poors (S&P) bond ratings and a listing of S&P bond rating descriptions can be viewed or downloaded by clicking the link below:

Bond Ratings Table and Definitions

Benchmarking & Performance Monitoring

For the school year 2012-2013 and thereafter, the school board has adopted an accountability and transparency goal which includes measuring, reporting & improving the district's financial and operational performance. The links below provide the district's key financial performance indicators, its peer group information, and the district's financial and performance report as of October 15, 2012. The district will be benchmarking its performance with peer districts to identify, measure and adjust any significant performance gaps, as well as to recognize any performance indicators that it does well.

Key Financial Indicators & Peer Group Performance

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