Barrington 220 Recognized for Fiscal Accountability

For the last six years, Barrington 220 has weathered the economy along with delayed payments from the state, while continuing to achieve excellence in financial management.

The Illinois State Board of Education recently awarded the school district the Certificate for Financial Recognition, which is the highest rating a school district can receive.   

“I think it is a credit to the board and administration because we have been watching our budget very closely,” said Dr. Tom Leonard, superintendent.

Leonard said the administration along with the school board has been sure to exercise strong fiscal discipline in the face of uncertain financial times.

In addition to the unstable economy, the state of Illinois also has been behind on payments for Barrington 220 and other school districts across the state.

The state has paid roughly half of the close to $10 million in reimbursements for services such as transportation, special education and other costs incurred by the district.

Leonard said that last year, the state was late on one payment, and the school board has been notified that this year two payments will be overdue. 

The payments are expected no earlier than Dec. 31, 2011, but are normally spread in the four quarters throughout the calendar year.   

Each year, every school district in the state is reviewed and rated by the Illinois State Board of Education.

There are four categories school districts can fall into; the highest rating is financial recognition, a step lower is financial review which is followed by financial early warning. 

Financial watch, the lowest rating, means there is a possibility that the district could be taken over by the state, according to Leonard.

“This certificate is the state’s equivalent to a AAA bond rating,” Barrington 220 Chief Communications Officer Jeff Arnett said.