Daily Local News (West Chester, PA)
Chief financial officer announces retirement plans
Richard Fazio has spent 27 years in school business
EAST CALN >> Richard A. Fazio, Chief Financial Officer of the Downingtown Area School District, announced his retirement as finance head of the county’s largest school district.
Fazio has spent 19 of his 27 years in school business with the Downingtown Area School District. He will retire at the end of the 2017-18 school year.
In addition to managing DASD’s business office and its $220,252,685 annual budget, Fazio was responsible for many of the non-educational departments in the district including transportation, facilities and food services. During his tenure as head of the finance department, the district renovated all of its schools, added four new schools, moved to a one-to-one device initiative, added two athletic stadiums and four turf fields, and is now in the process of building a new Uwchlan Hills Elementary School and a STEM Academy expansion.
Fazio’s financial expertise has also been recognized nationally. The Downingtown Area School District is the only school district in Pennsylvania, and one of only 23 in the nation, to be given the highest financial rating by Moody’s and Standards and Poors.
“During the time I have worked with Rich, I have been extremely impressed with his financial knowledge,” said Downingtown Superintendent Emilie Lonardi. “Rich gave me valuable insight as we worked together to restructure our budget process and reconcile expenditures.”
She said that the district, in its sixth year without a tax increase, the district saved over $1.2 million dollars last year which was reinvested in new staff.
“He is an invaluable member of our cabinet and will be very hard to replace with someone as competent in all aspects of financial management,” Lonardi said.
After graduating from Northeastern University, Fazio obtained his master’s degree in business administration from Widener University. He worked in private industry for several years before being hired as the assistant business manager in the Tredyffrin/Easttown School District. In 1995 he moved to the Penn Delco School District as the business manager. Downingtown hired him as chief financial officer in 1999.
“It has been my extreme pleasure to work here in Downingtown,” Fazio said. “To watch this school district grow from 9,000 students to nearly 13,000 students over the years, and to see real estate signs promoting our great Downingtown district, has been so rewarding. I will miss the staff and students, but it’s time to spend more time with my wife, my family and my friends.”
The Downingtown Area School District will advertise for Fazio’s replacement in December and expect to have the position filled before Fazio’s final day in June.