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

Wednesday, January 5, 2011
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.