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 MWVSD recently saved the community money in its capital bond sale due to its high financial rating and excellent financial stewardship.
The Mountain View Whisman School District recently issued the remaining $74 million of its $259 million Measure T bonds. Passed by voters in March 2020, Measure T is the tax measure that raises revenue for the district's building and capital projects, including the construction of staff housing and safety and efficiency projects in the district, such as solar panels and new windows. These funds cannot be used for day-to-day operations or staff salaries.
Low Interest Rates Thanks to Financial Stewardship
The bond sale resulted in low interest rates due to MVWSD’s high financial rating. The District was able to lock in favorable interest rates by securing the highest possible rating of ‘AAA’ from Standard & Poor’s. When the bonds went on sale on July 23, MVWSD secured lower interest rates compared to another local school district who was selling bonds on the same day.
The District completed its Measure T bond sales two years ahead of the original schedule and at a lower overall interest rate 3.6%, which is far below the original estimate. These conditions ultimately save taxpayers money.
AAA Rating Saves Mountain View Taxpayers Money
“We are proud to have issued our bonds in a prudent, cost-effective manner,” said Dr. Rebecca Westover, Chief Business Officer. “Our community has always been supportive of our efforts and we are happy to deliver excellent results.”
S & P determines credit ratings based upon management, finances, economy, tax base, and debt. Of the 658 California school districts rated by S & P in 2023, the District was among only 26 ‘AAA’ rated districts (top 4%).
The rating agency recently cited the following as rationale for MVWSD’s strong rating:
“Consistent revenue growth and conservative budgeting practices”
“Good financial policies”
“Sound revenue and expenditure assumptions for budget building”
“Financial planning that goes beyond state minimums”
Clean Annual Audits
Each year, an outside independent auditor audits the district's controls and finances. At the end of each audit cycle, they provide a report to the Board of Trustees. For the past 10 years the district has received clean audits due to exemplary performance and transparency.
Bond and parcel tax monies have mandatory audits and regular oversight from an independent citizens’ committee to ensure funds are spent as voters intended.
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