The Massapequa School District has once again received an Aa1 credit rating from Moody’s Investors Services. This is the second-highest out of 21 possible credit ratings and represents the district’s strong financial health.
Considered in the rating are the district’s tax base, resident wealth, debt burden and pension and other post-employment benefit liabilities. Moody’s noted Massapequa’s sizable tax base and healthy reserve levels.
The higher credit rating will result in lower borrowing costs for the district for serial bonds which fund capital improvements. Massapequa residents approved bond referendums in 2018 for renovations to elementary and middle school classrooms, bathroom upgrades and the installation of classroom air conditioning districtwide and in 2019 for renovations to the Massapequa High School and Berner Middle School auditoriums, upgrades to the middle school music suite, foundation repairs at McKenna Elementary School and a new main entrance at the Ames Campus.
In addition to the Aa1 credit rating, the district remains in good standing in the New York State Comptroller’s fiscal stress monitoring report. Massapequa’s per-pupil spending remains below the Nassau County average for K-12 districts. The board of education adopts an annual reserve plan and has continued to propose budgets at or below the district’s tax cap.
“The Moody’s credit rating reflects the prudent financial planning by the Massapequa School District, which benefits our taxpayers with lower borrowing costs as we make necessary improvements to our facilities,” Deputy Superintendent Alan Adcock said. “We are proud that credit rating agencies such as Moody’s continue to recognize our hard work to deliver quality education in clean and safe buildings at a reasonable cost to Massapequa residents.”
—Submitted by the Massapequa School District