Gwinnett County Public Schools (GCPS), Georgia’s largest school system, received good news recently as both Standard & Poor’s (S&P) and Moody’s Investors Services assigned the highest level AAA/Aaa rating to the district’s Series 2021 General Obligation (GO) Bonds. At the same time, both agencies affirmed their triple-A long-term rating on the district’s outstanding GO debt. GCPS is one of three Georgia school districts that has attained the triple-A bond rating from both Moody’s and S&P. Only 20 school districts nationwide have earned this fiscal stamp of approval from both bond rating agencies with the three school districts in Georgia being the only ones from the Southeast.
GCPS’ favorable bond ratings are based on the school district’s strong financial management practices, which have allowed the district to manage through economic downturns, and manageable debt burden, in large part due to the district’s ability to fund its ongoing capital needs through the education special purpose local option sales tax (E-SPLOST) program.
“The triple-A bond rating is a key indicator of our district’s fiscal health and the measures we have in place to responsibly and conservatively manage our budget and debt,” says Chief Financial Officer Joe Heffron. “The school district, taxpayers, and students all benefit as we will be able to acquire the lowest interest rates possible on the sale of the bonds, which translate into more funds available for teaching and learning.”
CEO/Superintendent J. Alvin Wilbanks expressed pride in the district once again garnering the coveted triple-A rating from both rating agencies.
“Our community demands fiscal accountability in regard to the school district and how it manages its financial resources,” Mr. Wilbanks says. “We take our responsibility of being good stewards of taxpayer funds very seriously and are proud of this documented record of achievement. Our conservative approach to budgeting and our strong fiscal policies are hallmarks of Gwinnett County Public Schools’ success and are critical to the future of the district.”