District 113A Announces Upgraded Bond Rating

LEMONT, IL — Lemont-Bromberek CSD 113A announced that the Standard & Poor’s Ratings Services revised its outlook to ‘AA’ with a stable outlook from its ‘A+’ rating in 2013. According to the district, this was based on a revised review of the district’s continued significantly improved cash flow and financial position due to strong fiscal management. The district said the upgrade reflects the significantly strengthened available reserves resulting from eight consecutive years of general fund surpluses and the village of Lemont’s maintained economic indicators that are comparable with those of ‘AA’ rated peers.

According to the district, at the close of the 2016-17 fiscal year, the audited fund balance for operating funds is $11.9 million. The district ended fiscal 2015 and 2016 with an operating surplus of $2.5 million and $2.9 million that contributed to this fund balance. The 2017 cash report reveals a $2.2 million general fund surplus, despite delayed revenues from the state, the district said. The fiscal 2018 budget calls for a general fund surplus of $989,000.

The district said focus has been on long-term planning in all areas including facility management, enhanced
technology implementation, professional development for staff, and relevant and updated curriculum
investment.

“The Board is grateful for all the support we have received from the community during the past several years as we stabilized the District’s finances," Damon Ascolani, District 113A Board of Education President, said in a release. "Achieving the community’s vision of a best-in-state educational experience for our kids would
not be possible without responsible fiscal management."

Ascolani added in a release that the improved bond rating is testament to years of living within the district's means and monitoring of a variety of issues at the state level.

"As our finances have stabilized, we have both added back programs that were cut during the crisis and have implemented new programs as our finances permit," Ascolani said in a release. "We have consulted with our administration, staff, parents, and community members to set out a multiyear strategic plan to enhance our offerings to students to ensure they are best prepared for high school and beyond. The future is bright for 113A and we are excited about the possibilities over the next several years.”

Image via District 113A.