Park District Earns Top Rating from Moody's
Investor service said district will maintain its Aaa bond rating after June 14 presentation.
The information below comes from the Park District of Highland Park.
On June 14, the Park District of Highland Park met with Moody’s Investors Service to make a case for the District’s strong financial strength. The in depth review of the District’s management and finances allowed the District to maintain a Moody’s Aaa bond rating, the highest rating possible.
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According to the report prepared by Moody’s, “Assignment of the Aaa rating incorporates the district's sizeable and affluent tax base, sound financial operations bolstered by ample reserves, and manageable debt position."
The strong financial health of the Park District is good news to taxpayers. A top Moody’s rating results in lower interest rates, and Finance Director Elliott Becker has been working with the District’s financial advisors in preparation for a Board request to issue an ordinance to refund the District’s existing debt.
The Park District’s current $9.04 million debt obligation was incurred in 2004 and 2005, both issuances to construct the Recreation Center of Highland Park. When the District’s debt was executed, interest rates were as high as 3.5 percent to 4.8 percent. According to Finance Director Elliott Becker, refinancing the debt at a much lower rate could save the Park District in excess of $600,000 over the course of the certificate which would expire in 2023.
“This continues the Park District’s ongoing efforts to achieve future sustainability so that we can maintain the quality programs, services, and facilities that residents expect of the Park District,” Becker said.
For more information on the Park District of Highland Park and its programs and services, please visit www.pdhp.org or call 847.831.0818.