Moody's upgrades district's bond rating
Everett Public Schools
has earned an increased bond rating based on its creditworthiness and financial
performance. Moody’s Investors Service has assigned its underlying rating of “Aa1”
to the district’s $47.9 million unlimited tax general obligation bonds and
upgraded the rating on $145.8 million of outstanding general obligation debt to
“Aa1” from “Aa2.”
Moody’s credit opinion notes, “Everett School District benefits from a strong and proactive management team that demonstrates conservative budgeting practices, conducting multi-year forecasts, cash-flow projections, and scenario analysis.”
Credit ratings essentially give investors confidence about the district’s overall creditworthiness and its capacity and willingness to meet its financial commitments. These high credit ratings also mean the district is eligible for lower interest rates and savings for taxpayers.
|Clean audits amid the best in the state
Each year the State Auditor’s Office (SAO) performs an annual audit of district programs and business practices. For 12 of the past 13 years, the district has received a clean audit, with no audit findings; a stark contrast to the average of four audit findings, among the 21 comparable districts, in a ten year period.
Clean audits benefit district stakeholders and show accountability for use of public resources. Among 21 comparable districts over the past ten years, only three of these districts have better audit records than Everett Public Schools.
What the State Auditor's Office has to say
April 15, 2016
"Everett Public Schools has routinely provided financial reporting above and beyond what the state requires. Such comprehensive financial statements are done by only a few other districts in the state."
Assistant State Auditor
November 4, 2016
"Everett School District benefits from a strong and proactive management team that demonstrates conservative budgeting practices, conducting multi-year forecasts, cash-flow projections, and scenario analysis."