Return to Headlines

EPS receives financial reporting award for 12th consecutive year

April 5, 2017
logo Edina Public Schools (EPS) has again been recognized for excellence in financial reporting by the Minnesota Department of Education (MDE). Fiscal year 2016 marks the 12th consecutive year that EPS has received MDE’s School Finance Award.

“This annual award from the State means a lot to us,” said Margo Bauck, director of business service. “It acknowledges the hard work and commitment of not only the Business Services staff, but also of our building and program leaders for their prudent attention to managing budgets and ensuring appropriate documentation for expenses.”

There are three main criteria that the state looks at in determining whether a school is eligible for the award. The first is Timely Submission of Financial Data and Compliance with Minnesota Statutes. This process involves meeting the state deadline with valid information about a school district’s fiscal standing. Based off of the information given by each school district, the state then decides what the revenue estimate will be for each district. About 71.8 percent of the district’s general budget comes from state revenues.

The second criterion is the Presence of Select Indicators of Fiscal Health. The state needs to know that school board members are being educated and practicing fiscal responsibility for their district, which includes a zero or positive balance in the Unassigned General Fund Balance, the aggregate fund balance in certain fund categories, and the Restricted/Reserved Fund Balance accounts. Currently, Edina Public Schools policy requires the district to maintain a minimum fund balance equal to eight percent of its annual operating budget.

The final criterion is Accuracy in Financial Reporting. The district must submit the Turnaround Edit Report with no errors and the final audited data must agree with the audit data conducted by an independent auditor. Out of 574 eligible reporting entities, 449 met the qualifying criteria for MDE’s 2017 award.

“As we prepare to ask residents to vote on renewing the district’s operating levy referendum to the community this fall, we are pleased to be able to report this acknowledgement of our responsible and accurate financial practices,” said Superintendent Ric Dressen. “It is a reflection of the conscientious work of leaders throughout the district and of our commitment to align resources to learning for all students.”