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News Section: Local Government



Manatee School Board Given Update on Debt, Credit Rating at Workshop

Published Wednesday, June 25, 2014

BRADENTON - At Monday's workshop, the Manatee School Board was presented with an update on the district's debt situation, currently at $340 million, and its credit rating, currently a triple B minus rating. The board was advised that both are on a path to improve in coming years.

 

Created by former MCSD CFO Michael Boyer, who resigned from the district on Friday, the update was given by Deputy Superintendent of Operations Don Hall and Interim CFO Conley Weiss.

 

Hall said that the district is projected to be free of debt by the 2030-2031 school year.

 

Hall advised that the district's fund balance has been the biggest factor in the lowering of its credit rating. Jay Glover from Public Financial Management, the district's financial

advisor, told the board that the credit rating was one step away from non-investment grade. The district's current financial outlook projects that its three percent fund balance will be met, as required by the state.

 

Board member Bob Gause talked about the potential for borrowing more possibly increasing "as long as we keep our fund balance up."

 

Hall acknowledged that the board could borrow more in the future, but said that the likelihood of that happening would decrease over the years, as additional revenue from property taxes would help relieve the need to borrow in the future.

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