MAMARONECK, N.Y. -- Mamaroneck Schools announced that Moody’s Investors Services has assigned the district a Aaa rating for maintaining healthy financial operations with ample reserves.
The Aaa rating, which is rare for a school district, has enabled the school system to achieve greater savings as a result of refinancing prior debt at an even lower rate.
Additionally, the district will be borrowing at a lower rate for the second phase of the bond work, which was approved by the voters in 2012.
According to the Moody’s report, “The district is likely to maintain a healthy financial position despite annual appropriations of reserves to balance budgets.”
Schools Superintendent Robert Shaps cites the district’s conservative budgeting practices and proactive fiscal management as key factors to the positive rating.
“We’re proud of the sound and strategic financial strategies we’ve employed in Mamaroneck and are pleased that we’ve been able to maintain our Aaa rating,” Shaps said. “We’re grateful to have a well-informed and engaged community that recognizes the importance of supporting our annual school district budget.”
For the past several years, the district has worked in partnership with the Citizens Financial Advisory Committee (CFAC) to explore all options around refinancing and multi-year financial planning.
“Building trust between the District and our community members has been very important to us. Together with the CFAC, the District made positive financial decisions, as we tackled a challenging economy and the State-imposed tax cap,” said Shaps.
To read the letter the district received from Moody's, click here.