Moody’s Investors Service has assigned an Aaa underlying and Aa2 enhanced rating to Edina Public Schools for the district’s biennial bond issue for Long Term Facilities Maintenance projects. In its report, Moody’s cited stability and community support as key credit strengths.
Edina Public Schools is one of three districts in the state with an Aaa credit rating, the highest rating granted to school districts.
“A high credit rating helps us manage the cost of maintenance projects by allowing us to obtain the lowest interest rates available when borrowing funds. We are very pleased with Moody’s report,” said Margo Bauck, director of business services for the district. “This reflects sound financial management that occurs collaboratively with many district partners, as well as the ongoing support of our community.” Bauck said the district has maintained the highest credit rating for “many years.”
The Moody’s credit analysis report states that the Aaa underlying rating reflects the district’s “large and wealthy tax base, strong income levels, and satisfactory reserves and liquidity.” Moody’s reports that the stable outlook reflects the expectation of strengthening district financial operations supported by recent voter approval for a levy increase that will “support moderate growth in reserve levels over the next two years,” the district’s limited additional debt plans, and “stable enrollment and positive inflows from neighboring districts.”
The school board approved the Long Term Facilities Maintenance budget and related bond issue in December 2018. The budget is financed through a combination of an annual levy and bonds, which are issued every other year. District architects, construction management, district buildings & grounds leadership and financial consultants worked in partnership on a budget plan that addresses 2019 and 2020 projects. Included in the plan is addressing the mechanical needs in the Edina Community Center within the next two years, rather than four years as originally planned.
The plan results in no overall change to the tax rate. The district will issue $24.2 million in general obligation bonds.
Know the Truth presenters visit BSM to discuss recovery
Know the Truth Prevention Program Presenters Aubrey Lee and Troy Basco shared their stories of addiction and recovery for the freshmen students at Benilde-St.Margaret’s April 1.
Lee and Basco, both 21, are graduates of the long-term program at Minnesota Adult and Teen Challenge, and both are in recovery. Through sharing their personal stories of overcoming addiction, they communicated the importance of making right choices when it comes to drug and alcohol use. In addition, they sought to show that there is hope when it comes to recovery.
Know the Truth is a substance use prevention program that reaches more than 60,000 students annually in more than 160 middle schools and high schools across the state.