The Portsmouth School Board has received two prestigious financial awards. They are a Certificate for
Excellence in Financial Reporting Award from the Government Finance Officers Association (GFOA) and
the Meritorious Budget Award from the Association of School Business Officials International (ASBO).
The GFOA Certificate for Excellence in Financial Reporting recognizes the school division’s CAFR for the
fiscal year that ended June 30, 2019. It is the highest form of recognition in the area of governmental
accounting and financial reporting.
Each year an impartial panel judges localities’ and school systems’ CAFRs from across the country and in
Canada to determine if those reports are meeting the high standards of GFOA’s program, which includes
demonstrating a constructive spirit of “full disclosure”.
The ASBO Meritorious Budget Award (MBA) recognizes the school division’s operating budget for the
2020-21 fiscal year. This award is meant to promote and recognize best budget presentation practices in
school districts. Participants submit their applications and budget documents to a panel of school
financial professionals who review the materials for compliance with the MBA Criteria Checklist and
other requirements and provide expert feedback that districts can use to improve their budget
documents.
Portsmouth Public Schools' Chief Financial Officer Theodore Faulk, Director of Accounting Larisa Harris
and their staff prepared the award-winning documents which were reviewed and approved by
the School Board.
“I congratulate Mr. Faulk and the school division’s finance staff on their commitment to developing
documents that clearly tell Portsmouth Public Schools’ financial story. They have prepared a CAFR and a
fiscal year budget efficiently and transparently and that level of commitment engenders trust and
confidence among stakeholders,” said Superintendent Dr. Elie Bracy, III.