FISCAL ACCOUNTABILITY
Pasadena ISD has implemented 9 refunding and 2 prepayment programs to reduce the cost of voter-approved bonds – which have generated more than $73.8 million of savings for District taxpayers since 2012.
School Financial Integrity Rating System of Texas (“FIRST”): Pursuant to Sub-chapter D, Chapter 39 of the Texas Education Code, the State annually deploys a financial accountability rating system to distinguish the level of a school district’s financial performance based upon certain uniform criteria.
SUPERIOR ACHIEVEMENT RATING
Based on data for year 2019/20, the District was assigned a 2020/21 FIRST Rating of “A=Superior Achievement” and the District’s score was 96 out of a possible 100 points.
Credit Ratings: The District also maintains independent ratings from certain nationally recognized credit rating agencies, such as Moody’s Investors Service and S&P Global Ratings that evaluate the District’s financial strength and its ability to pay its existing bonds.
Moody’s Investors Service: Assigns a “Aa2” credit rating to the District, defined as “Judged to be of high quality and are subject to very low credit risk.”
S&P Global Ratings: Assigns a “AA” credit rating to the District, defined as “Having a very strong capacity to meet its financial commitments.”
State law allows for bonds to be financed for up to 40 years. However, Pasadena ISD limits the maximum term of bond issues to 30 years.