FOR IMMEDIATE RELEASE
CONTACT: Timothy M. Costello, Assistant Superintendent for Business
Telephone: (914) 665-5215
Fax: (914) 665-7548
MOUNT VERNON (June 11, 2012) – On Friday, June 8, 2012, Moody’s Investor Service upgraded the underlying rating of Mount Vernon City Schools from Baa1 to A3, signaling things are looking better in Mount Vernon. School Board and City Officials will hold a press conference to discuss this encouraging development on Wednesday, June 13, 2012 at 11:00 am in the Conference Room at the Board of Education, 165 North Columbus Avenue, Mount Vernon, New York.
“This is good news for the school district and for the community” said Superintendent Waveline Bennett-Conroy. “It reflects the underlying strength of the community’s sizeable tax base and socioeconomic indicators as well as our management’s stabilization of financial operations and the steady accumulation of a satisfactory level of reserves.”
The A3 rating from Moody’s Investor Service, on the “big three” national credit rating agencies, is an improvement over the Baa1 rating the school district previously received. This rating moves the district’s creditworthiness from average to above average relative to other municipal or tax-exempt issuers/issues.
“Moody’s has noted the district’s efforts to improve it financial position and to manage it debt burden particularly during a challenging period of state and federal aid declines,” said Costello.
This upgrade will improve the district’s ability to sell its debt. The district is in the process of moving construction forward this summer at several buildings to implement the EXCEL funded projects. Because of the upgrade, the district should be able to obtain lower interest costs and lower insurance costs on the debt it issues.
“The district continues to face challenges from tax base declines, a history of tax certiorari claims and the (new) property tax cap”, said Costello.
Mayor Ernest D. Davis sees this as a great sign for the entire city. “The recession has caused us to look more closely at ways to reduce spending through belt tightening and shared service. We’re working hard together to reduce taxpayer liability and an improved bond rating for the schools is clear indication that we’re regaining our fiscal health and watching how we spend money”, said Mayor Davis.
“The district must continue to manage it finances with discipline and restraint to maintain its progress”, said Costello.
For more information or to schedule an interview, please call Timothy M. Costello, Assistant Superintendent for Business at 665-5215 or by email at email@example.com
WHAT: PRESS CONFERENCE
School District Bond Rating Raised
WHEN: Wednesday, June 13, 2012
WHERE: Board Room
Mount Vernon Board of Education
165 North Columbus Avenue
Mount Vernon, New York
TIME: 11:00 am
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The Mount Vernon City School District strives to become a world class organization
which focuses on the progress of every student, one child at a time.