The Houston Independent School District has long boasted a strong financial management team committed to providing solid and conservative budget practices. The efforts of that team under the direction of Chief Financial Officer Melinda Garrett have once again been recognized.
Last week, Moody’s Investment Services upgraded the district’s general obligation bond rating from Aa2 to Aa1, affecting $2.4 billion in outstanding debt. This increase in the district’s bond rating ensures that the district’s bonds are highly valued in the credit market and lower interest rates on these bonds will accrue to the district’s benefit.
“We believe the rating upgrade of the district’s general obligation bonds reflects the district’s substantial tax base, solid financial operations steered by a strong management team, conservative budgeting practices and favorable financial flexibility; and manageable debt profile,” said Moody Financial analysts.
In addition to the bond rating upgrade, the Government Finance Officers Association (GFOA) has announced that 2010 will be the 36th consecutive year that HISD has won the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting award, the longest of any school district in the country.
The Association of School Business Officials International (ASBO) has awarded HISD, for the 22nd consecutive year, the HBSO Certificate of Excellence award.
“It is the consensus of the review team to award the Certificate of Excellence award to HISD,” said the ASBO. “The school district is to be complimented for its efforts; the HISD Comprehensive Annual Financial Report is of high quality.”
Superintendent Dr. Terry Grier applauds the efforts of CFO Melinda Garrett for her tireless efforts at maintaining strong fiscal management at the district.
“We are lucky at HISD to have one of the best chief financial officers in the country,” Grier said.
