Minuteman got some excellent financial news this month.
Minuteman Regional Vocational Technical School District got some excellent financial news this month.
First, the District was assigned the highest short-term municipal bond rating possible by rating agency Standard and Poor’s. Second, for the second year in a row, the District received a spotless bill of health from its auditing firm, Melanson & Heath.
“We’re very proud of these accomplishments,” said Superintendent Edward A. Bouquillon. “This is the result of a lot of hard work by many people, most notably Assistant Superintendent of Finance Kevin Mahoney and his staff.”
Leaders on the Minuteman School Committee agreed. “Congratulations and sincere thanks are clearly due here,” said Carrie Flood of Concord, vice-chair of the School Committee. “Not only have Kevin [Mahoney] and other members of the District Administration taken appropriate steps to address findings that arose in prior audits, they have been proactive in terms of policy, procedure, and practice with regard to the ongoing management of District finances.”
In a December 1, 2016, letter to the school, S&P Global Ratings assigned the District an “SP-1+” rating, the highest rating possible for short-term municipal notes. It assigned the rating for an $8 million general obligation bond anticipation note for Minuteman’s high school construction project.
The school also learned this month that its auditing firm would be making no audit findings for fiscal year 2016 – the second year in a row that that has happened. Observers say that public agencies such as the Minuteman School District rarely receive audits where the auditors make no findings.
Sheryl Stephens-Burke, a representative from Melanson & Heath of Andover, met with the School Committee on December 13 to review the latest audi.