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WCSD Earns Favorable Financial Ratings
WCSD Earns Favorable Financial Ratings
Reno, NV (December 29, 2020) – Thanks to its prudent fiscal management, the Washoe County School District (WCSD) has maintained its favorable ratings from Moody’s Investor Service and Standard & Poor’s Ratings Services. Moody’s has assigned an “Aa3” rating to WCSD, while Standard & Poor’s has assigned an “AA” long-term rating to WCSD, with stable outlooks from both. The two major credit rating firms complimented the District for its strong management practices and financial policies.
Specifically, Standard & Poor's upgraded their view of the District's management practices from "good" to "strong" under their Financial Management Assessment and noted the District's "strong overall financial position that is anchored by a proactive and sophisticated management team… Further supporting the rating is the district's strong financial management policies and procedures, reinforcing our view that management practices are well-reasoned and sustainable, that provide a meaningful hedge to external budgetary pressures."
Moody's remarked that "governance is a strength" for WCSD, acknowledging the difficult decisions made by the Board of Trustees and District administration in fulfilling the Board’s policy directive for a balanced budget set in 2017. Both agencies noted the region’s sound economy and diversified tax base, the challenges the District faces about state funding of education, the reductions made to balance the WCSD budget, and improvements in operating results over the past two years.
“The Washoe County School District works hard to use taxpayer dollars efficiently and effectively,” said Chief Financial Officer Mark Mathers. “Headed into next fiscal year, we are once again facing significant fiscal challenges and a need for additional funding to support keeping schools open, but these high ratings are a clear indication that we have a strong, disciplined, conservative approach to our financial practices, and I am proud of our progress. The affirmations of our "AA" rating will certainly help keep our financing costs low as we look forward to selling $130 million of rollover bonds in early January.”
“We must direct our funding to our most critical needs, and consider each expenditure carefully,” said WCSD Board Vice President Dr. Angie Taylor. “These financial ratings are proof positive that our District is committed to use our funding wisely and is a testament to the hard work and dedication of our District staff.”
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