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Letter from CFO to Council Regarding Standard and Poor's Comments on District's GO Bonds

Wednesday, January 5, 2011

Letter from CFO to Council Regarding Standard and Poor's Comments on District's GO Bonds

S&P affirms District's A+ rating; expects District's financial position to weaken.

Standard & Poor's releases report that states the District's financial position is expected to weaken, based on a trend of using reserves to offset revenue shortfalls. The report also indicates that S&P estimates the District's fund balance for fiscal 2010 will be between $780 million and $800 million -- down from $920 million at the close of fiscal year 2009.