MONROE - The Monroe school district is back on its "A" game with a new bond rating.
The district moved four spots in its bond rating from last year, from BBB to A+, Lisa Voisin of Robert W. Baird in Milwaukee said, Monday.
She's been at Baird 20 years and has never seen a district improve its bond rating four spots in one year, Voisin said.
The bond rating brings a lot more than just bragging rights. As a result of the A+ bond rating, Monroe was able to refinance about $1.28 million in general obligation bonds last week at 2.81 percent interest - a full interest point less than Voisin estimated.
That means the district will pay about $2.1 million on principal and interest on the refinancing instead of the anticipated $3 million, she said.
The district has traditionally had an A- rating, but that fell after financial difficulties in the district five or six years ago under a previous administrators.
School board member Larry Eakins said Voisin's praise was particularly meant for Business Manager Ron Olson, who has been instrumental in improving the district's financial outlook.
Another factor working for Monroe was a favorable market when the debt was sold last week.
"The market was great," she said.
The debt was refinanced to receive a better interest rate and even out debt payments to avoid a large balloon payment next year.
Voisin had plenty of praise for how Monroe is handling its finances.
She called the district's 16 percent fund balance "phenomenal" and praised the district's overall financial management. Other factors helping with the bond rating are the area's economy, the district's low debt and strong enrollment at the virtual school.
"You're definitely a success story," she said.
The district moved four spots in its bond rating from last year, from BBB to A+, Lisa Voisin of Robert W. Baird in Milwaukee said, Monday.
She's been at Baird 20 years and has never seen a district improve its bond rating four spots in one year, Voisin said.
The bond rating brings a lot more than just bragging rights. As a result of the A+ bond rating, Monroe was able to refinance about $1.28 million in general obligation bonds last week at 2.81 percent interest - a full interest point less than Voisin estimated.
That means the district will pay about $2.1 million on principal and interest on the refinancing instead of the anticipated $3 million, she said.
The district has traditionally had an A- rating, but that fell after financial difficulties in the district five or six years ago under a previous administrators.
School board member Larry Eakins said Voisin's praise was particularly meant for Business Manager Ron Olson, who has been instrumental in improving the district's financial outlook.
Another factor working for Monroe was a favorable market when the debt was sold last week.
"The market was great," she said.
The debt was refinanced to receive a better interest rate and even out debt payments to avoid a large balloon payment next year.
Voisin had plenty of praise for how Monroe is handling its finances.
She called the district's 16 percent fund balance "phenomenal" and praised the district's overall financial management. Other factors helping with the bond rating are the area's economy, the district's low debt and strong enrollment at the virtual school.
"You're definitely a success story," she said.