Lincoln-Way 210 Improves Bond Rating

NEW LENOX, IL — Moody’s Investors Service has upgraded Lincoln-Way Community High School District 210’s Bond Rating to Baa3 (investment grade) from Ba1. The district said this upgrade is due to the district’s increased reserves and liquidity, which are a result of stronger budgetary management and consecutive years of budget surplus operating results.

The district experienced an operating surplus of $5.04 million in fiscal year 2017, $8.01 million in fiscal year 2018, and $6.04 million for the fiscal year ended June 30. Overall, the district said it will have replenished its fund balances by $19.09 million over a three-year period.

“Credit goes to the Board of Education for their governance and oversight during the financial recovery,” Superintendent Scott Tingley said in a release. “Recognition should also be given to past board members who made the difficult decision to move the district in a beneficial direction. This rating improvement serves as another valuable independent assessment of the district’s financial improvements.”

The Board of Education will continue to consider solutions to the district’s current long-term debt structure, according to the district. The increase in the bond rating to investment grade provides the district with better alternatives to restructure.

The district said its municipal advisor, PMA, will be in attendance at the Aug. 29 board meeting
to present alternatives for the Board of Education to review.