Recent improvements by the Rochester City School District have led Moody’s Investor Services to upgrade the City of Rochester’s credit rating. The City’s credit rating has been revised to stable from negative, and an A2 rating has been affirmed.
The Moody’s report indicates that the District has significantly improved governance as a result of the 2020 appointment of a State Independent Monitor to oversee the District’s financial operations and educational achievements.
Moody’s has also indicated that an upgrade in the City’s credit rating is achieved based upon continued improvement in the District’s General Fund and an expectation that reserve balances will continue to improve over the next two years.
Last week, Superintendent Lesli Myers-Small presented a balanced 2021 – 22 budget to the Board of Education where the practices that led to the Moody’s ratings increase continue.
“This affirms the work that we have been doing in partnership with our State monitor to improve our fiscal stability”, said Superintendent Myers-Small. “This is a significant achievement and requires the continued partnership between the District/Board of Education, the State appointed monitor, and the City of Rochester.”
“I am pleased to see the District has taken steps in the right direction to begin correcting decisions that have impacted its finances. I encourage the District to stay the course in continuing to make the necessary difficult financial decisions and commend them for this accomplishment”, said Dr. Shelley Jallow, State Independent Monitor.
“Indeed this is very good news. The District has been working diligently, over several years, not only to improve our financial outlook but also our educational outcomes”, said Board President Van White.
Myers-Small added, “I am proud of the work our team, led by Chief Financial Officer Carleen Pierce, has accomplished to lay the foundation for a shift from constantly focusing on the fiscal stability of the District to the prioritization we are giving to academics and student performance.”