District receives superior credit rating
As a result of diligent financial planning and a strong commitment to
fiscal accountability, the district has received a very high quality
credit rating from Moody’s Investors Service.
The Aa2 rating the district received is determined based on the
assessment of its fund balance, financial management, a strong wealth
and income profile and tax base wealth. It is an important measure that
is used by prospective lenders to determine the credit worthiness of
school districts and other public entities.
“This report from an outside and independent financial institute is a
clear indication of the current financial health of the district,” said
Sean Leister, deputy superintendent of the Port Jefferson School
District. “It reflects the district’s meticulous and mindful financial
planning and will ensure lower interest rates for borrowing funds and
significant financial savings for our residents for any funds borrowed.”
According to the report, and in comparison to other Moody’s rated school
districts, Port Jefferson’s Aa2 rating is stronger than the median
rating of nationwide districts. The cash balance as a percent of
operating revenues (53.1 percent) is noted as superior and saw an
impressive increase between 2013 and 2017. The fund balance as a percent
of operating revenues (37.5 percent) is also stronger. The district’s
debt burden is negligible and favorable and the 0.2 percent net direct
debt to full value is significantly below the nationwide median and
stayed flat between 2013 and 2017.