Annual ComprehensiveFinancial Report (ACFR)
Certificate of Achievement for Excellence in Financial Reporting
For over 40 years, the Association of School Business Officials International has honored school districts with the Certificate of Excellence in Financial Reporting (COE) for transparency, fiscal accountability, and best practices in financial reporting. The Matanuska-Susitna Borough School District has been a recipient of this award since Fiscal Year 2009.
What is an ACFR?
The Annual Comprehensive Financial Report (ACFR) is a set of financial statements that provide a thorough and detailed presentation of a school district's financial condition and goes beyond the minimum information necessary for fair presentation in conformity with generally accepted accounting principles (GAAP).
At a minimum, the Annual Comprehensive Financial Report contains three sections: 1) introductory, 2) financial, and 3) statistical. The financial section provides information on each individual fund and component unit. The statistical section is an important source of information regarding a school district's economic condition; many schedules include 10 years of data to allow for broader context evaluation.
Meritorious Budget Award
The Association of School Business Officials International's Meritorious Budget Award (MBA) is a prestigious award that recognizes school districts that have achieved excellence in school budget presentation. By working through the MBA Criteria Checklist, the award application process also helps school business professionals build solid skills in developing, analyzing, and presenting an award-winning budget. The Matanuska-Susitna Borough School District has been a recipient of this award since Fiscal Year 2014.
What is a Budget?
A budget is a projection of monies expected to be received (revenue) and spent (expenditures). Simply put, a budget is a spending plan which must be updated and edited as new information becomes available. In this sense, a budget is a living document like a website or a business plan.The District is required by both Alaska Administrative Code (4 AAC 09.110) and Matanuska-Susitna Borough Ordinance (3.04.020) to pass a balanced budget.