An article in the 1/10/12 issue of the DLN talked about the WCASD having the negative outlook on their Aaa bond rating removed by Moodys Investors service. A quote from Board President, Vince Murphy, stated "The maintenance of a solid and reliable financial position is one of the primary responsibilities of a school board". The school board had no responsibility in having the rating being restored to stable. Every municipal entity in Chester County was placed on a negative outlook until Moodys could determine what impact a federal government shutdown, or cutbacks would have on them. Once moody's determined that there would be no negative impact to the WCASD they (Moody's) returned the district to stable status.
The school board should be paying more attention to the impact their current budget deficit situation will have on their Moody's rating this spring, and in the future. They currently face a $8.4 million deficit, and even if they were to raid $3.3 from their fund balance and raise taxes the maximum allowable amount of 1.7% they will still need to find $2.6 million dollars to balance their budget. A community budget task force currently has many recommendations on the table to balance the budget. Some of these include user fees for all activities, raising class sizes, and closing down an elementary school.After this "giddy" press release Lets see how happy everyone is in a few months depending on how this board reconciles their budget dilemma.
Keep an eye on people who are quick to take credit for something they had nothing to do with. If there's anyone who can be credited with attaining & maintaining the WCASD superior Aaa Moody's rating it is our Business Manager Dr. Suzanne Moore. Nuff said!
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