Moody’s recently reduced Shakopee Public Schools bond rating from an A2 to a Baa1 rating. According to Moody’s Investors Service this rating reflects the district’s narrowing reserves and negative budget variances. However, Director of Finance and Operations for Shakopee Schools Jeff Priess says that this rating also reflects a different time in the district.
“The rating reflects the financial information reported in the prior year audit on June 30, 2017,” said Priess. “The rating does not reflect the fact that the district projects a balanced budget for the current year and a surplus for the upcoming 2018-19 fiscal year, two factors that could lead to an upgrade in rating.”
“We continue to try to right the ship,” said Interim Superintendent Gary Anger. “We continue to make a balanced budget a priority and hope that our work now will be reflected in a future bond rating.”