2 months, 1 week ago by Bob Gough
Rating rises from BBB to A-
The Quincy School Board’s Finance Committee learned Tuesday morning that the Quincy School District’s bond rating has improved.
Quincy School District Business Manager Joel Murphy reported that the School District’s bond rating with Standard and Poor’s increased from BBB to A- and the district’s financial outlook rating has improved to “Stable”. Murphy says this rating would allow the district to garner lower inter interest rates should they decided to borrow money over the next two years.
The committee also recommended Quincy School District’s budget for approval Tuesday morning.
The $70.4 million spending plan will be voted on at Wednesday night’s School Board meeting, which will be held at Monroe School at 7 p.m. as the Board’s district facilities tour continues.
Murphy said the district’s four operating funds - Education, Operation & Maintenance, Transportation and Working Cash-have nearly balanced budgets with a projected $56.8 million in revenue and $56.8 million in expenses, but the Transportation Fund shows has $4.2 million in expenses with a deficit of a little more than $81,000.
Finance Committee Chairman Richard McNay also discussed the change from self-insured to going with Blue Cross-Blue Shield. He says the district is predicting 8 percent increases in each of the next two years after the district locked in costs this year as part of its negotiations on a new contract with the Quincy Federation of Teachers.
The contract calls for the teachers to have locked in insurance costs for the duration of the three-year deal.
The district is converting to the new insurance October 1.