CCSD59 Recognized by ISBE, S&P Global for Financial Reporting
Each year, the Illinois State Board of Education (ISBE) releases its School District Financial Profile Report in order to illustrate and categorize the financial status of every district in the state.
The 2020 Financial Profile Recognition has once again assigned Community Consolidated School District 59 (CCSD59) to the “Financial Recognition” category, the highest designation the report offers, with a perfect 4.00 rating. This marks the 16th straight year CCSD59 has received the “Recognition” designation, dating back to the start of ISBE’s records in 2003.
ISBE sorts each school district into four categories: Financial Recognition, Financial Review, Financial Early Warning, and Financial Watch. The key indicators for where a district falls include fund balance to revenue ratio, expenditure to revenue ratio, days cash on hand, the percentage of remaining short-term borrowing ability, and percentage of remaining long-term borrowing ability.
All information is based on the 2018-19 Annual Financial Reports.
CCSD59 has also earned a AAA rating from Standard & Poor’s Global Ratings for its General Obligation Limited Tax school bonds. S&P provides this rating to institutions that have a strong capacity to meet their financial commitments. CCSD59 presented to S&P in December in anticipation of bringing funding options to the board of education for suggested projects in the Capital Improvements and Projects Plan. These included the possible issuance of General Obligation Limited Tax School Bonds, which was approved at the February 10, 2020, board meeting.
Examples of CCSD59’s past financial reporting can be found here.