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Wauwatosa committee hears Moody’s downgrade, $3.5 million chargeback and borrowing plans
Summary
Public commenters and staff told the Finance & Resource Committee on March 13 that a recent Moody’s downgrade and a $3.5 million property-tax chargeback have tightened the district’s finances; staff previewed two borrowing resolutions the board will consider to address cash flow and to sell $45 million in referendum bonds.
Dr. Marker, a Wauwatosa resident and candidate for school board, opened public comment at the Finance & Resource Committee meeting by citing Moody’s recent downgrade of the district’s issuer and general obligation ratings and warning that the district’s available fund balance had narrowed.
“What is the plan? What is the plan to rebuild reserves? What is the plan to protect the district’s credit? What is the plan to avoid another downgrade?” Dr. Marker asked the committee, citing Moody’s finding that available fund balance is roughly 12% of operating revenue and noting the district’s ongoing capital program.
Later in the public-comment period, resident Dan…
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