NEWS RELEASE 

Jan. 11, 2010

FOR IMMEDIATE RELEASE: 

Riverview Gardens School District 2009 Financial Audit

Shows Highest Rating for Second Consecutive Year 

      For the second consecutive year, the Riverview Gardens School District received a positive audit report for its financial practices and management, according to an independent accounting firm, Kerber, Eck & Braeckel, LLP.

      The accounting firm presented its report and related findings to the Riverview Gardens School Board in December. The report indicates that Riverview Gardens received an “unqualified opinion,” which means that the financial statements, prepared by management and those charged with governance, are reasonably stated. An unqualified opinion is the highest rating a school district can receive for a financial audit.

      “It’s extremely encouraging to receive this positive audit for the second year in a row,” said Mary Oswald, a school board member who was part of the audit committee. “Over the last few years, it has been a team effort among school administrators, department heads and leaders at Central Office to work hard at improving our fiscal management practices and procedures that ultimately benefit our students."

      Highlights of the 2009 audit showed:

• The fund balance increased for the second year in a row to approximately 17 percent.  This increase is important as the district faces less revenue due to declining enrollment and the possibility that state budget difficulties may lead to a further decrease in revenue. 
• Fewer audit findings. Findings are financial matters that are required to be reported under governmental accounting standards regarding the reporting of financial statements and major federal programs. The number of findings was reduced to four from eight in 2008, which is a more typical number of findings to expect than the number of findings for previous fiscal years.  District management is currently working to resolve the findings.

      The positive audit results should assist the district as it seeks to upgrade its bond rating, which would improve the interest rate on the bonds that are planned to be issued this winter.

      “The district will benefit in many ways from the auditor’s unqualified opinion, said Board Member Selena Melton, who also sat on the audit committee. “Strong fiscal practices and management will allow us to improve our bond rating as we move forward with the $15 million bond issue that voters approved in November.” 

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Rhonda M. Key, Ph.D. 
Co-Superintendent  
Riverview Gardens School District 
1370 Northumberland Drive 
St. Louis, MO 63137 
314-869-2505 ext. 2415

(Cell) 809-1516 

Natalie Thomas, Ph.D. 
Co-Superintendent 
Riverview Gardens School District 
1370 Northumberland Avenue 
St. Louis, Missouri 63137  
(314) 869-2505 ext 2417

(Cell) 800-3374