Schools

School District Earns High Marks for Fiscal Accountability

The district received a AAA rating from Fitch Ratings

Even though this was the toughest financial year Superintendent Joe Regano can recall, the pulled ahead and managed to stay in the clear.

And because the school district was able to stay afloat, it earned a 'AAA' grade from Fitch Ratings, a company that provides value beyond the rating through independent and prospective credit opinions, research and data, according to its website. 'AAA' is the highest grade any business or school district can earn.

"In the financial crisis of this past year, many districts were downgraded," said Treasurer Tim Pickana. "The call was negative and I could tell they planned on downgrading us based on financial trends in the nation."

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Fitch was aware of the district's problem earlier this year with the phasing out of tangible personal property tax and knew the district

"Many things were turning away from us in a negative way," Pickana said. "They (Fitch) were shocked to hear how we turned around. Based on several factors, they kept us at a 'AAA' rating."

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According to Fitch, the district was kept at the highest rating and given a "stable outlook" because the city has a good and stable economy, strong voter support, financial stability, strong management, low debt levels and an excellent reputation.

"They know we aren't going to sit on the sidelines when we have a problem," Pickana said. "We're going to be proactive. It' was a good conversation and they had good praises."

Board member Margo Morrow said with all the negative news about the economy lately, it's nice to hear the good.

"The good things kept us flowing economically," Morrow said. "Everyone stepped up to help."


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