Red Bank Schools Awarded For Outstanding Financial Reporting For 8th Consecutive Year

RED BANK, NJ — Red Bank Borough Public Schools has been awarded the Certificate of Excellence in Financial Reporting for the eighth consecutive year, the Association of School Business Officials International (ASBO) announced Tuesday.

This honor recognizes school districts that uphold the highest standards of financial reporting and transparency, officials said.

Red Bank Public Schools earned the certificate for its exemplary Annual Comprehensive Financial Report (ACFR), which was done for the fiscal year ending on June 30, 2024.

“For over half a century, ASBO International’s Certificate of Excellence in Financial Reporting has been the gold standard for promoting and recognizing excellence in financial transparency,” said Jim Rowan, CAE, SFO, Executive Director of ASBO International.

“Clear and accurate financial reporting is crucial for engaging school communities and building their trust,” Rowan continued. “Districts that earn the COE have demonstrated an extraordinary commitment to these principles.”

In a news release, Superintendent of Schools Dr. Jared Rumage said he credits School Business Administrator Anthony Sciarrillo, as well as the Red Bank Borough Board of Education, for their attention to detail and for making transparency a top priority.

Board of Education President Suzanne Vicomi added that the award further acknowledges district professionals and the board’s commitment to “deliberate and practical long-term planning.”

“This commendation further acknowledges the excellence of the professionals we have leading the Red Bank Borough Public Schools and our Board’s commitment to deliberate and practical long-term planning,” Viscomi said. “We strive to be the best in America so we can be certain we are the best for Red Bank.”

Despite the uncertainty of federal funding and distribution of state funding, Viscomi (who is also the Red Bank Board of Education Finance Committee Chairperson) said she is proud of the district’s current financial position and is particularly proud of the district for achieving this honor for the eighth time.

“We view our schools as community assets and our attention to infrastructure and long-term planning continues to be a top priority,” Viscomi said. “We are excited that our whole school community will have access to safe and secure facilities in which to chase their BIG Dreams —including a new outdoor recreational space at Red Bank Primary School.”

Participation in the Certificate of Excellence program highlights a school district’s dedication to financial accountability, officials said.

Submitted ACFRs are rigorously reviewed by a panel of experienced financial professionals, who then provide constructive feedback to further enhance the quality of future reports.

Districts that meet the program’s requirements are awarded the Certificate of Excellence, a distinction that also supports bond rating and continuing bond disclosure processes.

“The Board of Education and our district leadership are committed to providing the highest quality educational experience for our students while being respectful of the impact school budgets have on the local taxpayer,” Dr. Rumage said. “We look forward to continued transparency and detailed reporting to support our students, staff, and community as we embark on a new strategic plan – Dream Bigger: A Five-Year Roadmap.”

ASBO International’s Certificate of Excellence is sponsored by Strategic Partner, American Fidelity.

To learn more about the Certificate of Excellence in Financial Reporting program, you can click here.