District 209’s Bond Rating Increases Again
June 13, 2016 01:36 PM
Proviso Township High Schools District 209 has had its underlying bond rating raised to an "A" outlook from its previous rating of "A-" by Standard & Poor’s Ratings Services.
This is the second time that the rating has taken a hike in recent years. According to a summary issued by Standard & Poor’s on the rating increase, it reflected their view of the district’s available fund balance of $36.9 million as being "very strong" with "very strong" reserves. The outlook of additional revenue coming into the district with the expiration of tax-increment fund districts within District 209 also bolsters the district’s financial outlook, according to Standard & Poor’s.
The new bond rating includes the recently approved general obligation bond that will pay for capital projects throughout the district.
"Ensuring that the District is in a strong financial position is one of the keys to having the resources available to provide a quality education to our students," said Mrs. Teresa McKelvy, president of the Board of Education. "We thank our administration for doing what is necessary to keep us on track financially and for continuing their hard work in preparing our students for life after high school."
Standard & Poor’s also stated that the District will likely maintain "very strong available reserves"
despite its plans to use some of its funds for capital and operational needs.
"This is significant progress in the district’s quest over the years to right our financial situation," said Dr. Nettie Collins-Hart, superintendent of District 209. "While it came with sacrifices from so many, it is my hope that it reflects our ongoing financial picture for the future."
For more information about Standard & Poor’s rationale for the rating, please click here