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Board hears credit-rating upgrade and discusses using reserves for capital projects
Summary
Board member said KB Global raised Wyoming Valley West's credit rating, and the finance committee proposed assigning accumulated reserves to a capital program; board approved routine finance items during the meeting.
Wyoming Valley West School District officials reported an improved bond credit rating and discussed plans to use accumulated reserves for capital work, the school board heard at its Jan. 15 regular meeting.
"Our rating has increased from B+ to an A minus," Finance Committee member Mr. Keating told the board, citing a preliminary report from KB Global, a credit rating agency that reviewed the district's finances. Keating said the upgrade reflected materially improved operating reserves after management implemented cost-cutting measures, one-time federal aid and favorable state aid.
Keatin…
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