Bangkok--11 Aug--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' rating to Bainbridge Island Park and Recreation District, Wash.'s unlimited-tax general obligation (UTGO) bonds. The outlook is stable.
"The rating reflects our opinion of the district's established, primarily residential tax base and participation in the economically deep and diverse Seattle area economy, as well as its extremely strong wealth and income levels," said Standard & Poor's credit analyst Jen Hansen. "We also believe the district's management policies are good, as evidenced by strong fund balances."
Since 2006, the district's financial performance has been good. In 2004 residents voted to establish a permanent tax levy that became effective Jan. 1, 2006. Previously, the district was subject to biannual appropriation. Unreserved general fund balances totaled $656,000, or what we consider to be a strong 14% of expenditures, in audited 2007. This is an increase from 2006, when fund balances were $412,000, or what we consider to be a good 7% of expenditures. For unaudited 2008, the district reports that it had another surplus and that reserves grew to $943,000, or what we consider to be a very strong 19% of expenditures.
Bainbridge Island Park and Recreation District encompasses the 28-square-mile Bainbridge Island community within the Central Puget Sound Basin. Located about eight miles west of Seattle and accessible by ferry, the district maintains and operates nearly 1,400 acres of developed and undeveloped land, including an aquatic center, pottery studio, community center, 23 miles of trails, and several parks.
RELATED RESEARCH
USPF Criteria: "GO Debt," Oct. 12, 2006
USPF Criteria: "Financial Management Assessment," June 27, 2006
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Jennifer Hansen, San Francisco 415-371-5035
Chris Morgan, San Francisco (1) 415-371-5032
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]