Press Release
FOR IMMEDIATE RELEASE
October 2, 2023
Lake Forest Community High School District 115
Retains Top-Tier AAA Bond Rating for 22nd Consecutive Year
LAKE FOREST, Illinois – On Friday, September 29, Standard & Poor's (S&P) Global Ratings assigned its Triple A (AAA) long-term rating to Lake Forest Community High School District 115. The AAA rating is the highest possible rating awarded by bond agencies to entities considered the most creditworthy. This is the 22nd consecutive year that District 115 has received this prestigious recognition.
“This 2023 AAA bond rating is a testament to our continued commitment to rigorous business practices and responsible fiscal stewardship,” said District 115 Board President John Noble. “We are incredibly proud to achieve this rating as one of just 20 school districts in Illinois to do so.”
“The District’s rating is beneficial to Lake Forest, Lake Bluff, and Knollwood taxpayers as it allows us to borrow at lower interest rates when the District secures funds, as it is currently in the process of doing with our referendum bonds,” said District 115 Chief Operating Officer Dr. Jennifer Hermes.
Standard & Poor's rationale for the 2023 District 115 AAA rating includes:
Very strong economic characteristics as a mature Chicago suburb
Low unassigned reserves compared with those of similarly rated peers
Good financial policies and practices under S&P’s Financial Management Assessment (FMA) methodology
Annual reduction of the fund balance by a conservative approach to reporting deferred revenue
10% to 20% fund balance policy
Monthly budget-to-actual and investment monitoring by the Board of Education
The S&P report considered existing debt as well as the 2023 $105,700,00 referendum bonds in its rating determination process, stating that “while the District’s debt burden will be significantly higher with the series 2023 bonds, we view debt as manageable given the District’s very strong economic profile.”
Lake Forest School Districts 67 and 115
300 S. Waukegan Road
Lake Forest, IL 60045