Posted Date: 04/08/2021
Moody’s assigns Issuer Ratings 2,182 US Public K-12 School Districts
New York, February 11, 2021 – Moody’s Investors Service has today assigned Issuer Ratings and outlooks, as applicable, to 2,182 US K-12 public school districts in conjunction with the implementation of the new US K-12 Public School Districts Methodology published January 2021.
Moody’s affirms the A3 rating on Raymondville ISD’s outstanding general obligation debt with an outlook that is stable. According to Moody’s rating scale, an A3 rating means that Raymondville ISD remains a prime, investment-grade investment with a low credit risk.
For fiscal year ending June 30, 2020, the District received an unmodified opinion, or a “clean” report
•Carlos Cascos stated the District is in “great financial shape.” (Mr. Cascos is a former Cameron County Judge and was appointed Texas Secretary of State in 2015)
•Raymondville ISD fund balance is over $11 million.
•TEA recommends a fund balance above 75 days operating expenses, and the RISD fund balance is equal to 132 days operating expenses
•Cascos reported that the District received $132,000 in revenues above what was budgeted and spent $1.2 million below the budgeted amount. According to Cascos, “this is an attribute to what the Administration and the Board did when it came to budgeting this fiscal year.”
•The auditors found that every item tested was in compliance, and federal grants also received clean reports. Cascos stated, “everything we picked out to test was the way it was supposed to be….that’s a rarity.(The District’s) internal controls are functioning properly.”
•Cascos also shared that Raymondville ISD received the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting. The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
For 2020 Raymondville ISD earned Superior Rating (the highest possible rating) in the Financial Integrity Rating System of Texas (FIRST)
The state’s school financial accountability rating system, known as the School Financial Integrity Rating System of Texas (FIRST), ensures that Texas public schools are held accountable or the quality of their financial management practices and that they improve those practices. The system is designed to encourage Texas public schools to better manage their financial resources to provide thee maximum allocation possible for direct instructional purposes.
RISD was awarded a Transparency Star from the Texas Comptroller of Public Accounts for going above and beyond in their transparency efforts.
The program recognizes government entities that accomplish the following:
Open their books not only in their traditional finances, but also in the areas of contracts and procurement, economic development, public pensions and debt obligations; and
Provide clear and meaningful financial information not only by posting financial documents, but also through summaries, visualizations, downloadable data and other relevant information.