Home News BUSINESS SERVICES DEPARTMENT RECEIVES CERTIFICATE FOR EXCELLENCE IN FINANCIAL REPORTING

BUSINESS SERVICES DEPARTMENT RECEIVES CERTIFICATE FOR EXCELLENCE IN FINANCIAL REPORTING

1/23/2023

For the 35th consecutive year, the Business Services Department of Richland School District Two has been awarded a Certificate of Achievement for Excellence in Financial Reporting. The Government Finance Officers Association of the United States and Canada announced the district’s annual comprehensive financial report for the fiscal year ended June 30, 2021 qualified Richland Two for the certificate. The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting. Its attainment represents a significant accomplishment by a government and its management.

Some financial highlights for FY 2020-2021 include the district maintaining its “Aa1" rating from
Moody's and “AA” rating from Standard & Poor’s for general obligation debt. The district’s
experienced and capable management, satisfactory level of fund balance, long-term capital facilities planning, and stable financial operations were cited by both firms in awarding their rating. Additionally, Richland Two’s overall financial picture for Governmental Fund activities improved as revenues exceeded expenditures resulting in an increase in the Governmental Funds year-end fund balance of over $60.2 million. As of June 30, 2021, the district’s combined Governmental Funds ending fund balance was over $264.5 million.

A seven-member school board, elected at-large, governs Richland Two. The Richland Two Board of Trustees and administration are responsible for a general operating budget of about $315 million, 3,700 employees, and more than 28,000 students.

Richland Two operates a district-wide early childhood development program, 20 elementary schools, seven middle schools, five high schools, four elementary magnet schools, an alternative school, one adult education center, one student innovation center, one virtual school program and offers numerous magnet opportunities at all grade levels.

School districts in South Carolina are legally required to publish a complete set of financial statements presented in conformity with generally accepted accounting principles and audited in accordance with generally accepted auditing standards by a licensed certified public accounting firm within six months of the close of each fiscal year. Richland Two’s annual comprehensive financial reports are posted on the district’s website: www.richland2.org.