Standard & Poor’s awards Harrison
School District AAA rating, one of only three districts in New
York State
The Harrison Central School District has earned the rare AAA
rating from Standard & Poor’s, making it part of an “exclusive
club” of strong financial managers.
Harrison is among only three in New York and just 27 of the
nation’s 15,000 public school systems to receive the rating.
“School districts with the ‘AAA’ general obligation rating are
as rare as the student who asks for more homework,” S&P said in
its April 14 report.
Districts with triple A ratings demonstrate the ability to
manage through all economic cycles, S&P said.
S&P said Harrison joins “this very exclusive club” due to its
strong management and oversight and careful and conservative
budgeting. S&P also cited its strategic planning, financial
forecasting and diligent adherence to policies on reserves and
investment. The credit report extolled the district management
team, noting “We consider the school district's practices strong
under our Standard & Poor's Financial Management Assessment
(FMA) methodology. An FMA of strong indicates that practices are
strong, well-embedded, and likely sustainable.”
The sound financial practices have reaped benefits for students,
faculty and the Harrison community, S&P said, “As a result, the
district has been able to expand its academic and professional
development programs while keeping costs down and building
reserves.”
Harrison Board of Education President David Singer said the
trustees were pleased the district’s success had been
recognized.
“The AAA rating from Standard & Poor's reaffirms our confidence
in the district administrative team to implement the board’s
primary goals of high academic achievement, sound financial
management and strategic long-range planning,” Singer said.
In granting the AAA rating to the Harrison district, Standard &
Poor’s noted, “The district maintains a comprehensive five-year
strategic plan that includes financial forecasts and a capital
plan. The school board has approved formal policies regarding
reserves and investments, to which the district diligently
adheres.”
Harrison Superintendent of Schools Louis Wool said his team is
committed to the board’s agenda, which is focused on opening
achievement opportunities to all students, stringent systems of
accountability and expectations of excellence. “Our committed
expertise and attention to financial oversight and long-range
planning have allowed us to maximize our resources to insure
they have the most impact on students,” he said.
This is the second time in two years that the Harrison Central
School District has been cited and rewarded for sound financial
management. Moody’s Investor Services upgraded its credit rating
last year.
Harrison is a high achieving district with four elementary
schools, a middle school and a high school serving 3,500
students in Westchester County, NY. Newsweek magazine ranked
Harrison High School in the top 100 in the nation in 2007 and
the New York State School Boards Association has recognized
Harrison for its exemplary teacher evaluation program. It is
part of the Tri-States Consortium, a group of 40 elite
high-performing school districts in Connecticut, New York and
New Jersey.
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