Below are the excerpts from recent school board presentations and other publicly shared resources related to current district finances. This information is updated periodically, generally after board work sessions and meetings. School board meetings and minutes include finance consent items such as any approved lease agreements, staff contract approval, bills and authorization to pay same and wires are included in such agendas. Click here for a quick link to school board agendas and minutes.
For additional information on district finances, including annual budget reports and publications, Comprehensive Financial Advisory Reports and/or the Citizens Advisory Committee, please click here.
If you have questions about any of information, please contact the District Office - Superintendent's Office or the District Director of Finance, Bill Menozzi.
Exploring School Finances Community Forum Presentation
Shakopee Public Schools awarded for outstanding financial reporting - FY2023. Click here to read more.
Issued January 25, 2024
Shakopee Public Schools Saves Taxpayers Money
Construction Loan Refunding Complete
At the January 24, 2024 Shakopee Public Schools Board Meeting, a resolution for tender refunding was approved, leading to $796,431.32 in savings for taxpayers.
Throughout the course of each school year, the district works with its municipal advisor, PMA Securities, to review interest rates and opportunities to refund or tender bonds, among other items.
Favorable market conditions produced savings higher than the original projections that were shared with the Finance Committee and School Board prior to the resolution.
The refunding does not result in any additional funding for the district as all the savings go directly to taxpayers.
Issued December 21, 2023
Shakopee Public Schools Receives Credit Rating Upgrade
District Receives A2 and A3 Ratings by Moody’s Investor Services
Shakopee Public Schools recently received a Moody’s Investor Services (Moody's) upgrade to the district's credit rating. Due to continued sound financial management by the district, Moody’s raised each of the financial ratings one step higher and upgraded the district's issuer and GOULT rating to A2 from A3 and the COPs rating to A3 from Baa1.
In the ratings system, securities held by a district or any other entity are assigned a rating from Aaa to C, with Aaa being the highest quality and C the lowest quality. These ratings represent the relative credit risk of financial obligations and directly impact the district’s ability to participate in refinance and tendering opportunities, which provide savings to district taxpayers.
According to the Moody's Investor Services Credit Opinion Report, the district has improved its cash and available fund balance ratios. Environmental risks were reported as low and the social considerations as positive.
Commentary published by School Board Vice Chair, Kristi Peterson, in the Shakopee Valley News - December 2023
Solid Financial Footing Confirmed in District Audit
During the November 20th School Board meeting, the district received and accepted the formal annual audit results as presented by BerganKDV. On behalf of the School Board, I am happy to report that another clean audit report was received, which is the highest rating that a district can earn.
An Independent Auditor Report serves as an unmodified opinion on the district’s financial statements for the year ended June 30, 2023. The results of the audit were performed with Government Auditing Standards from a single audit performed in accordance with uniform guidance and testing of Minnesota Legal Compliance.
In addition, the audit confirmed that the district’s unassigned fund balance had reached $9,491,506 or 8.4% of the general fund. For the first time in 9 years, Shakopee Public Schools has met policy 714, which states that the district’s unassigned fund balance should remain between 8-12%.
