Arcadia Unified School District Home Page
« November 2017 »
Sun Mon Tue Wed Thu Fri Sat
29
30
31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
1
2
3
4
5
6
7
8
9

 

Arcadia Unified Doubles Taxpayers Savings to $80 Million

It was only a couple of months ago that the Arcadia Unified School District announced a bond refinance plan that would result in an estimated $40 million in savings to Arcadia taxpayers. With the refinancing process complete, that figure has more than doubled to over $80 million. In its presentation of the bond refinance results at the May 9 Board of Education meeting, Arcadia Unifiedís Business Services revealed that it has secured Arcadia taxpayers over $80 million in tax savings.

The increased savings come by way of several favorable factors, but at the forefront is Arcadia Unifiedís adherence to fiscally responsible practices as reflected by the Districtís credit rating. The District began the bond refinance process by having two industry-leading credit rating agencies, S&P Global Ratings and Moodyís Investors Service, review its credit rating. Each agency rated Arcadia Unified higher than anticipated, AA and Aa1, respectively, citing reasons for the increased rating as Arcadia Unifiedís conservative management of funds and responsible financial practices along with the Districtís extremely strong financial condition and high reserve levels.

Out of all of the school districts in California that issued bonds last year, less than 16% received as high a credit rating as Arcadia Unified from either agency. As a result of this exceptional rating, the District received very competitive bids for the bonds, with Bank of America Merrill Lynch, who submitted the lowest bid, selected as the winning underwriter. Another key component to the savings is that the bonds were refinanced as current interest bonds, eliminating all of the previous, more expensive capital appreciation bonds.

ďOur district would be hard-pressed to operate at the remarkable level we do without Arcadia taxpayer support,Ē said Arcadia Unified Superintendent Dr. David Vannasdall. ďI am incredibly proud of the work our team does in ensuring our districtís sound financial status and for exemplifying best practices in management of our taxpayersí money. These savings are exclusively for the taxpayers and come at no cost to the district. I canít be happier with these results.Ē

ďItís fantastic to see that just weeks after our voters passed Measure A, securing $77 million for our schools over the next 18 years, we can offer our generous community $80 million in tax savings,Ē expressed Arcadia Unified Board of Education Member Kay Kinsler.

The majority of the refinanced bonds originated from Arcadia Unifiedís Measure I, Facilities Bond. Approved by voters in November 2006, †Measure I, or the Arcadia Neighborhood Schools, Health, Safety, and Repair Measure, authorized $218 million of general obligation bonds to be spent solely for the improvement and modernization of Arcadia Unified School District schools and facilities. Fiscal management of the bonds has been overseen by Arcadia Unifiedís Business Services, headed by Assistant Superintendent Christina Aragon. †

Site Map | Privacy Policy | View "printer-friendly" page | Login   
Site powered by SchoolFusion.com © 2017 - Educational website content management