Moody’s Investors Service Tuesday upgraded the Georgetown County School District’s general obligation rating to Aa3 from A1, affecting $97.2 million of outstanding GOs.
“The upgrade to Aa3 reflects the district’s improved financial position driven by conservative budgeting on expenditures and prudent fiscal management,” said analyst Xavier Smith.
The district’s total general fund has declined largely due to state aid cuts. Management expects fiscal 2010 to end with an operating deficit of $1.5 million and a fund balance of $6.4 million.
Management reports that fiscal 2011 ended with a surplus of $750,000, bringing the fund balance to $8.5 million or 12.6% of general fund revenue.