District has history of strong fiscal stewardship of community resourcesEverett Public Schools has a refreshed strategic plan. This ambitious, exciting, and comprehensive effort will guide the district for the next five years and aims at bringing everyone together to meet the needs of all students. The plan guides the efficient use of resources on effective instructional practices.
Moody's maintains district's bond rating of Aa1Everett Public Schools has maintained a strong 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. Of the 295 school districts in Washington State, Standard & Poors and Moody's rank Everett Public Schools as 7th and 8th respectively in terms of bond ratings and financial performance. Continued high credit ratings translate into better interest rates which equals savings for taxpayers.
Clean audits confirm continuous improvement process
Each year the State Auditor’s Office (SAO) performs an annual audit of district programs and business practices. For 14 of the past 15 years, the district has received a clean audit, with no audit findings. Clean audits benefit district stakeholders and show accountability for use of public resources.
Award winning financial reports
As the 12th largest school district in the state, Everett has been committed to reporting its annual fiscal activities in greater detail than minimally required in a format known as a “Annual Comprehensive Financial Report". The preparation of this document requires added effort by staff and provides a public benefit to our community through greater transparency. It is independently reviewed by outside agencies and national associations to confirm the accuracy of the information presented.
Everett Public Schools has received the Association of School Business Officials (ASBO) International Certificate of Excellence in Financial Reporting for the 2020-21 Annual Comprehensive Financial Report, as it has for the past 35 consecutive years. The district was also awarded the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the fifteenth consecutive year.
The annual report is submitted to the national depository where investors who purchase the district’s bonds to support school construction can monitor our ongoing fiscal stability. This higher level of reporting supports the district’s high bond rating which benefits our community through lower tax rates.