District Receives AAA Financial Rating
Community Consolidated School District 59 has retained the AAA bond rating with a “Stable Outlook”, according to Standard and Poors bond rating agency.
The AAA bond rating is the highest rating a district can attain. Standard and Poors cited the district’s participation in the deep and diverse Chicago metropolitan area economy, good income levels, very strong reserves, and low overall debt burden as the reasons for their opinion. Their report stated that careful budgeting and the large amount of commercial property in our tax base allowed CCSD59 to report fund surpluses, despite the tax cap. Out of roughly 869 school districts in Illinois, CCSD59 is one of only 23 to have a AAA bond rating. “Bringing this level of financial stability to our schools, and therefore our communities, is something we should all be proud of,” says Ruth Gloede, Asst. Supt. for Business.
CCSD59 also maintains “Recognition” status with a perfect 4.0 score on the Illinois’ School Financial Profile, has received unqualified clean audit opinion from the external auditing company of Crowe Horwath, and is a recipient of the Association of School Business Officials Certificate of Excellence in Financial Reporting.