Fairfield Schools’ financial rating boost saving taxpayers millions

Fairfield Schools has learned its financial rating by Moody’s Investors Services has been raised, meaning a savings of millions of dollars in school bond financing.

Moody’s rating scale, which ranges from a maximum Aaa to a minimum C, consists of 21 ratings between those two grades.

Fairfield Schools saw its rating upgraded from Aa3 to Aa2, said Gina Gentry-Fletcher, spokeswoman for the district.

The rating boost happened before the district took action on bonds previously issued for school construction that officials said will save about $6.6 million through 2044. The Fairfield Schools’ annual budget is $99 million.

District voters approved a bond issue in 2014 to finance its local share of the cost to build Central and Compass elementary schools and Fairfield Freshman School.

The new construction was part of a state facilities construction assistance program that provided the district $19 million to offset the total $80 million project.

The three new Fairfield Schools opened simultaneously in September 2017.

Explore VIDEO & STORY: Historic day for Fairfield as 3 new schools open

Fairfield is the second Butler County school this month to see its bond rating rise. Earlier in October, Monroe Schools learned their rating had also increased.

Explore MORE: Once in state fiscal emergency Monroe schools now have higher bond rating

Fairfield Board of Education President Michael Berding said members are happy with this latest financial news and credited veteran school district treasurer Nancy Lane for guiding the district’s finances into a higher rating.

“The board is thrilled with our latest Moody rating,” he said. “The improved rating is going to save the residents of Fairfield and Fairfield Township a significant amount of money. Mrs Lane has done a tremendous job of keeping the board informed about the school district’s finances so that the board can make sound decisions. While we would love to take all the credit for the improved rating, it is truly due to the work Mrs. Lane and her staff are doing.”

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