Fitch Upgrades Dixie Elementary Sch Dist, CA's GO Bonds to 'AA+;' Outlook Stable.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch upgrades Dixie Elementary School elementary school: see school. District, California's $9 million outstanding election of 1999 general obligation (GO) bonds, series A to 'AA+' from 'AA'. The Rating Outlook is Stable. The rating upgrade reflects the district's strong financial operations, rapid growth in reserve funds, very low debt levels, and the strong underlying economic base. The district's wealthy tax base supplies most of its per-student funding from local tax revenues, with a very small portion from the state. In addition to property tax revenues, operations are funded by a parcel tax renewed by voters in 2004, revenue from leasing several surplus school sites, and donations from community-based not-for-profit organizations. The district's debt burden is very low and future capital needs appear minimal. Located in affluent Marin County, north of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , the district's population of about 21,000 encompasses the Terra Linda area of the city of San Rafael San Rafael (săn rəfĕl`), residential city (1990 pop. 48,404), seat of Marin co., W Calif., a suburb of San Francisco on the northern shore of San Francisco Bay; inc. 1913. and the unincorporated communities of Marinwood and Lucas Valley. The district enrolled 1,783 students in 2006. Enrollment decreased slightly in 2006 and is projected to decline slightly over the next two years and then stabilize. Facilities include three elementary schools and one middle school, which feed into the San Rafael City High School District (rated 'AA' by Fitch). The district also owns and leases out four school sites to longstanding tenants including the Marin County Office of Education, preschools, and private schools. Financial operations are very strong with surpluses in each of the last three years and a healthy general fund balance equal to 21% of total spending in fiscal 2006. This balance has more than doubled in the last four fiscal years. The fiscal 2007 budget indicates a small general fund balance drawdown Drawdown The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Notes: , but modest growth in fiscal 2008 and 2009. Approximately 84% of the district's total general fund revenue is generated with local property and parcel taxes. In addition, the general fund uses lease revenue from district owned sites and not-for-profit donations to further support school operations. The district has only one GO debt currently outstanding and certificates of participation were paid in full in fiscal 2005. The resulting debt burden is very low at $427 per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. , or 0.3% of property market value. With the stabilized enrollment, no major additional capital needs are foreseen in the near future. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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