Taxpayers to Save $1.9 Million by Tim McGillivray - City News Group, Inc.

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Taxpayers to Save $1.9 Million

By Tim McGillivray,
March 19, 2014 at 01:59pm. Views: 24

Standard & Poor’s recently upgraded the Moreno Valley Unified School District's (MVUSD) credit rating to A+ status, saving taxpayers $1.9 million. To take advantage of current lower interest rates, MVUSD officials traveled to San Francisco to make the case in person for a credit-rating upgrade to refinance a certificate of participation – essentially a mortgage loan the district carries. Although such credit-rating upgrades are rare on the first request, analysts at Standard & Poor’s granted MVUSD's request, as a result of the district's reported "prudent and efficient fiscal management practices and the stability and focus of district leadership, including the School Board, district administration and school principals, and improved student academic achievement." “As a community, we can take real pride in the district’s outstanding credit rating,” shares Superintendent Dr. Judy D. White. “The vision provided by our School Board and the follow-through of our administrators to make that vision come to life at our schools is having a measurable positive effect on student achievement. We know that, but now others are seeing it, as well.” The $1.9 million net savings achieved by a lower interest rate will be spread over the 14-year life of the loan. “Every dollar we save is another dollar we invest directly into improving teaching and learning,” said Dr. White. Moreno Valley Unified School District is the third-largest school district in Riverside County, serving approximately 35,000 students in grades K-12 at 40 schools.

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