DETROIT, June 3 /PRNewswire/ -- Fitch Ratings New York upgraded Wayne County Community College District's (WCCCD) bond rating to A, from a previous BBB+, serving as a confirmation of WCCCD's transparent, accountable and responsible accounting practices and leadership.
Fitch noted, in a statement issued May 28, 2010, that WCCCD's bond rating was bolstered by "strong budgetary and fiscal management practices which, together with the district's renewed 10-year property tax levy, provide the district with sufficient financial flexibility to meet ongoing spending pressures amidst a volatile revenue environment."
"Wayne County Community College District strives to be transparent, accountable and responsible in its accounting principles and leadership, and the Fitch rating shows that we are succeeding," WCCCD Chancellor Curtis L. Ivery said. "We are pleased our hard work is recognized particularly during these challenging economic times."
Fitch also noted WCCCD benefits from recent statewide workforce development initiatives that have insulated its state aid levels from the state budgetary pressures. Fitch's key driver behind the rating was WCCCD management's ability to maintain reasonable fund balances with a flat or declining tax base and increasing operating expenses.
Wayne County voters approved a 1.25 mill 10-year renewal levy in November 2008 that will partially replace the current 1.5 mill levy when it retires in 2011. Combined with a decline in debt service in fiscal 2011, the renewal will yield additional flexibility. Fitch expects the district to have ample financial flexibility to continue to internally fund its capital program and maintain balanced operations despite projected decreases in state aid and taxable value for fiscal 2011.
The District is among the first colleges in the nation to regularly post and update all of its operational and financial details on its public website as part of its Accountability and Transparency Initiatives.
WCCCD is a multi-campus district with five campus locations, University Square and the Michigan Institute of Public Safety Education (MIPSE), serving 32 cities and townships, spanning more than 500 square miles. WCCCD is committed to the continued development of new programs, hosting community-based training sessions, improving student facilities and services, upgrading technologies, making capital investments in massive building expansion projects and training staff members to enhance their skills to maximize efficiency.
For more information about WCCCD, call (313) 496-2704 or visit www.wcccd.edu.
SOURCE Wayne County Community College District