Financial Documents

The following financial documents help guide the District through the financial process for optimal decision-making. Attention is directed to long-term analysis, management of current practices and procedures, cross-comparison analysis of multiple Districts, and supporting statements.

STATE FINANCIAL REPORTS

All financial reporting is due the Pennsylvania Department of Education by June 30 of each calendar year. Deadlines for the state report are due June 30 and October 3.

AUDITOR GENERAL REPORT

The Plum Borough School District is required, by law, to have all District accounts audited at the close of each fiscal year (June 30). Audits, official inspections of an organization’s financial accounts by an independent entity, are performed on our record of the accounts. They are performed on the local, state, and federal levels.

More specifically, Pennsylvania conducts annual state audits. They are completed by the General Auditor to gauge District performance and adherence to fiscal soundness.

SINGLE AUDITS

On the local level, annual audits are conducted by independent auditors to gauge District performance and fiscal responsibility.

BOND RATINGS

A bond rating is an indicator of a District’s likelihood to repay borrowed funds and is equivalent to a personal credit score. The highest score is a “AAA” (low credit risk; solid financial operation) and the lowest rating is a C (high credit risk; high debt burden). Bond ratings are assigned through Moody’s Standard & Poor’s, a premier independent non-profit organization that provides market intelligence. They periodically review school districts, among other entities and reports, for credit worthiness.