The Springs Union Free School District is proud to report that Moody’s Investors Services has upgraded the district’s already impressive financial rating of Aa3 to an Aa2, which will ultimately save taxpayers money.
 
The report notes that the district’s “conservative budget management demonstrated by multiple years of operating surpluses and maintenance of healthy reserves” is the foundation for the upgrade. Limited debt and a low pension burden also contribute to the more favorable rating, as does the documented strong fiscal management by district officials and ongoing support of the community for school budgets.
 
“The district prides itself on its fiscal prudence and transparent budgets,” Superintendent John Finello said. “The Board of Education is proud to be recognized for its commitment to maximizing efficiencies and maintaining tight operations.”
 
A rating upgrade means that the district will likely pay a lower interest rate for borrowing, which saves taxpayers money. School districts routinely borrow money for cash flow management purposes, as well as to support voter approved capital projects. While the district’s current debt load and borrowing needs are relatively modest, a savings will still be generated for any future borrowing.

 
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