Friday, June 6, 2014

Financial Responsibility

Recently a group of "community members" have been running ads in the local papers alleging that the LASD Board and administration isn't acting in a financially responsible manner.  Their ads have been riddled with factual inaccuracies (simple things that take 10 minutes on Google to confirm).  I could spend a lot of time correcting all of that, but I think it's a lot simpler to point to the professionals.

As we do every year, LASD issued some short term notes to the financial markets.  I won't bore readers with the mechanics, but it's something that schools across California do every year.  As part of the process, Standard and Poors rated us "SP1+", which is their highest rating for short term borrowing.  Their analysts cited LASD's strong financial fundamentals as a key aspect of the rating.

This isn't the first time we've received excellent marks from the rating agencies.  I wrote about it once before, but it's a common theme for LASD.  We're fortunate to have so many folks involved to make sure we do a good job of stewarding the community's resources.