Fitch Affirms Forest Hills Public School District's (Michigan) GOs at 'AA+'.
CHICAGO -- In the course of routine surveillance, Fitch Ratings Fitch Ratings
An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms the 'AA+' rating on Forest Hills Public Schools, MI's (the district) approximately $72.5 Fitch-rated outstanding series 1999, 2000, 2002 and 2004 unlimited tax general obligation (GO) bonds. The Rating Outlook is Stable.
The 'AA+' rating reflects the district's sound financial management and trend of operating surpluses contributing to solid reserve levels, a wealthy economic base and moderate debt levels. The local and regional auto manufacturing and supplier presence is credit vulnerability, but is partially offset by an increase in healthcare and education employment. The taxable assessed value (TAV) declined slightly for fiscal 2010, but the district supplements its general operating levy with additional voted levies, and historically voter support has been strong.
The district, which had a 2007 estimated population of 43,760, serves a 68-square-mile region in the eastern suburbs The term Eastern Suburbs is used to refer to the eastern part of a city, or things associated with such a region. In particular, it may refer to
The district closed fiscal 2008 with a net surplus of $2.1 million, increasing its unreserved fund balance to $12.4 million or 12.9% of spending. This levels exceeds the 10% unreserved fund balance policy the district maintains. The district estimates a net surplus of approximately $1 million in fiscal 2009 to add to reserve levels. The 2010 budget reveals a $2.6 million deficit; however, actual results generally outperform the budget by a wide margin reflecting management's conservative financial approach and ability to control costs in-year.
Direct debt per capita is a manageable $4,941 and 3.3% of market value and overall debt - primarily reflecting Ada and Cascade Townships, Kent County and Grand Rapids Community College Grand Rapids Community College (GRCC) is a community college located in the city of Grand Rapids in the U.S. state of Michigan. GRCC offers an Associate's degree, a variety of certification programs, occupational training, and other learning opportunities for the surrounding - is moderate at $5,945 per capita and 3.9% of market value. In 2007, district voters authorized the issuance of up to $68 million in GO bonds for building renovations and remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure.
bone remodeling . The district issued $48.4 million in 2007 and will issue the remaining $19.6 million no sooner than 2010; Fitch did not rate the 2007 issuance.
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