June 24, 2002
Moody's rewards Northshore's sound financial operation
Moody's Investor Services in New York has upgraded its rating of Northshore's general obligation bonds from an "Aa3" to an "Aa2" rating.
The Northshore School District is one of three school districts in the state to enjoy this rating. Issaquah and Spokane school districts are the other two.
The higher credit rating will make the District's bonds more appealing to investors, will result in more favorable rates for the District, and should save the district and taxpayers over $180,000 in debt service payments.
"Our voters have consistently supported the schools," said Dr. Karen Forys, Superintendent. "As a result of this most recent bond sale, many Northshore students will benefit from renovated schools." The money will primarily be used for the modernization work on Cottage Lake Elementary, Northshore Junior High, and Inglemoor High School as well as increasing the bandwidth in the district.
This upgrade cites strong growth in the community, sound financial operations of the district, and manageable debt levels as the justification for this upgrade.
Moody's commented on the quality of communication between staff and Board, the committment to written policies for balanced budgets and specific reserve levels, and the continuing strong support of the community.
They also noted their belief that strong fiscal oversight by district officials will ensure that financial reserves will remain satisfactory despite recent fluctuations in the General Fund balance.
"We have worked hard over the past few years to contain costs and strengthen our reserve levels," commented Dick Anastasi, Executive Director of Budget and Finance. "It's gratifying to see our work pay off in the form of balanced budgets, financial stability, and lower taxes for Northshore residents."