Meanwhile, the S&P report explains a key factor in the AAA credit rating was the District’s strong Financial Management Assessment (FMA). The report elaborates that, “financial practices are strong, well embedded, and key management practices and policies include frequent review of the budget with board participation in multi-year planning along with realistic and well-grounded revenue and expenditure assumptions.” The report also notes that, “the District benefits from a growing regional economy and a stable outlook.”
“The District is dedicated to the responsible, sustainable stewardship of college and community resources and upholds transparency in financial and planning models. This is clearly articulated in our long-term goals and is one of the factors that has led to these excellent ratings,” comments MiraCosta College Superintendent/President Dr. Sunny Cooke. “The favorable reports are reflective of the District’s strong and stable board of trustees and the dedicated work of the exceptional employees who serve our students and community daily.”
The high ratings come as MiraCosta College prepares to issue its second round of general obligation bonds, authorized in 2016 by the passage of Proposition MM, which was approved for $455 million by the District’s local taxpayers. The bond money will be used for the modernization of aging facilities and upgrading instructional technology.
Transparency continues to be a top priority for the program. In the most recent School Bond Transparency Report, completed by the San Diego County Taxpayers’ Association, MiraCosta College once again earned a perfect score for transparency, meeting detailed criteria in 25 out of 25 categories assessing the availability and accessibility of information on the District’s bond program.
“In addition to these perfect scores, the high credit ratings and transparency are a recognition of MiraCosta's fiscal prudence and allows us to continue to be good stewards of taxpayer dollars, as a higher rating means lower borrowing costs, and hence savings to taxpayers," explains Board President Rick Cassar.
For MiraCosta College’s complete Moody’s Investor Service credit report, click here.
About MiraCosta College
The MiraCosta Community College District has served the coastal North San Diego County area for over 80 years. More than 21,000 credit students per semester in over 70 disciplines enroll in associate degrees, university transfer and workforce readiness certificate programs. The college also serves a wide spectrum of educational needs in the region ranging from programs for adult education, basic skills, and ESL to a California Community College pilot program offering the nation’s first baccalaureate degree in biomanufacturing. MiraCosta College is accredited by the Accrediting Commission for Community and Junior Colleges (ACCJC) and the Western Association of Schools and Colleges (WASC).