May 3, 2018 (Independence, IA) – Standard and Poor’s released a credit rating report which upgraded the Independence Community School District from “A” to “A+” on April 11, 2018. The ratings agency defined the district as stable citing the trend of general fund surpluses. S&P also identified the community’s high incomes, home values, and access to employment in nearby areas like Waterloo as indicators of strength of the district.
Superintendent Russell Reiter states, “We are very pleased to receive this increase in our credit rating report. The school board has worked hard over the years to keep our school district in good financial condition.”
The Agency also noted the importance of maintaining and increasing enrollment within school districts in Iowa in order for those districts to generate income. The district’s inclusion of students Independence, Brandon, Rowley, and the unincorporated areas of Buchanan and Benton Counties keeps enrollment high and has consistently increased since 2013. Overall enrollment has increased by about 3.8% over the last 5 years and this trend is expected to continue over the next few years.
“This increase in our credit rating will also help with any potential future projects,” said Finance Director Laura Morine.
“If the district were to improve its reserves to a level that we consider very strong, experiences improvement in its economic indicators, improves management policies and practices, and its other credit factors remain stable, the rating could be raised,” the report said. Because of the stable outlook, the Agency does not anticipate an upgrade or downgrade as likely within the next two years.
If you would like to learn more, you can read the report for yourself as well as the rating criteria at www.standardandpoors.com. To keep up with the Independence School District follow us on Facebook and visit our site at www.independence.k12.ia.us.