What's Happening?
District 233, which oversees Homewood-Flossmoor High School, has been recognized for its strong financial management, receiving top ratings in a recent financial review. The district maintained an AA+ rating from Standard & Poor's, a credit rating agency,
and scored 3.9 out of 4.0 in a financial review conducted by Legacy Professionals LLP. The review assessed the district's financial health based on five key indicators: fund balance to revenue ratio, expenditures to revenue ratio, percentage of remaining short-term borrowing ability, percentage of remaining long-term borrowing ability, and days of cash on hand. The district's total fund balance is reported at $49,230,635, with direct revenues of $74,895,124 and direct expenditures of $67,279,921. Additionally, the district has $28 million remaining in long-term debt margin out of a total allowed of $69.10 million.
Why It's Important?
The recognition of District 233's financial health is significant as it reflects the district's ability to manage its resources effectively, ensuring the sustainability of educational programs and services. The high ratings can enhance the district's reputation, potentially attracting more students and staff. Moreover, strong financial management can lead to better credit terms and lower borrowing costs, which is crucial for funding future projects and maintaining infrastructure. The district's ability to maintain a high credit rating and financial stability is a positive indicator for stakeholders, including parents, students, and taxpayers, as it suggests prudent fiscal policies and effective governance.
