Laredo ISD Receives AAA Financial Rating
Written by Post Public Information Representative, Feb 9, 2010, 2 Comments
Courtesy Roberto Treviño,
Laredo Independent School District announced that the district has received the AAA financial rating from Standards & Poor’s Rating Services system for the fiscal year ending August 31, 2009. LISD was awarded the “AAA” enhanced program rating which reflects the strength and liquidity of the Texas Permanent School Fund.
“These ratings are indicators of LISD’s strong and stable financial condition as well as strong credit worthiness and low credit risk which are all very positive financial attributes of the district,” said LISD Superintendent Dr. Marcus Nelson. “I commend the LISD Board of Trustees for being good stewards of our district’s resources and I thank the Finance Department for all of their hard work.”
Based on LISD’s stable and improved financial situation as evidenced by the most recent audited financial statements and fund balance, the district’s “AAA” rating has been affirmed.
“Operating surpluses for the past three years have built the unreserved general fund balance to $43.9 million, or 23.4% of expenditures, at fiscal year-end 2009, from $15.4 million, or 8.4% of expenditures, for fiscal year-end 2007,” said LISD Chief Financial Officer, Alvaro Perez. “These numbers show that LISD’s financial position is healthy.”
At the same time, several previous “A-” or “A” bond ratings have been changed to “A” or “A+. LISD’s General Obligation debt was upgraded to “A+” from “A.” LISD’s Public Facilities Corporation Outstanding Lease Revenue Bonds, Series 2004A-2004F was upgraded to “A” from “A-” while affirming a stable outlook for the district.
I really dont know how could LISD get a triple A rating from Standard and Poors when the district is at high risk.
I am a former employee that has tried to converse and settle matters that are a real hazard and dangerous ongoing manner their employees are being misrepresented and mismanaged. Dr. Nelson was called in August 2009 before the start of his administrative position, and promised to get back to me, and failed to settle my concerns.
This is a huge risk that LISD and the standard and poors should be aware of.
Mr. Garza – director of Human Resource have been communicated about the violations of providing records on abuse of authority of their personnel evaluation or references. He has adamantly told me that no records show that any references have been released when every location in the district I interviewed have called and gotten a reference about me. There is no records about any findings of any references or documents linking to any derrogatory remarks against my character or job experience. This is a huge risk for LISD and the standard and poors because noone has any protections for LISD and its Human Resource office about any interviews performances.
This is a huge risk that LISD and the standard and poors should consider at reducing its rating…
Whenever you have the abuse of providing a paper trail and acknowledgement of any remarks for or against anyone on behalf of LISD – it should be in record. LISD has a very weak and lack of accountability of what is being said or done, without the school district board of directors approval.
LISD has a long way to go to make it a viable and top performing district according to me. If one person has facts that the districts superintendent or human resource director is not addressing to the board — then action needs to be taken to execute order to correct the abuse these administrators are not addressing in order to best build their evaluation, rather than doing what is right.