Laredobuzz.com Blog Archive Laredo Isd Receives Aaa Financial …
Courtesy Roberto Trevio,
Laredo Independent School District announced that the district has received the AAA financial rating from Standards & Poors Rating Services system for the fiscal year ending August 31, 2009. LISD was awarded the AAA enhanced program rating which reflects the strength and liquidity of the Texas Permanent School Fund.
These ratings are indicators of LISDs strong and stable financial condition as well as strong credit worthiness and low credit risk which are all very positive financial attributes of the district, said LISD Superintendent Dr. Marcus Nelson. I commend the LISD Board of Trustees for being good stewards of our districts resources and I thank the Finance Department for all of their hard work.
Based on LISDs stable and improved financial situation as evidenced by the most recent audited financial statements and fund balance, the districts AAA rating has been affirmed.
Operating surpluses for the past three years have built the unreserved general fund balance to $43.9 million, or 23.4% of expenditures, at fiscal year-end 2009, from $15.4 million, or 8.4% of expenditures, for fiscal year-end 2007, said LISD Chief Financial Officer, Alvaro Perez. These numbers show that LISDs financial position is healthy.
At the same time, several previous A- or A bond ratings have been changed to A or A+. LISDs General Obligation debt was upgraded to A+ from A. LISDs Public Facilities Corporation Outstanding Lease Revenue Bonds, Series 2004A-2004F was upgraded to A from A- while affirming a stable outlook for the district.
Source: laredobuzz.com
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Howard Noel