Summary: AHSTW Community School District, Iowa; General Obligation

S&P Global Ratings assigned its 'A+' rating and stable outlook to AHSTW Community School District, Iowa's approximately $12.9 million series 2022 general obligation (GO) school bonds. The district's ad valorem property tax pledge, without limitation as to rate or amount, secures the series 2022 bonds. Officials intend to use series 2022 bond proceeds to remodel and improve existing kindergarten through 12th-grade facilities and build and equip renovations. AHSTW, in western Iowa, approximately 40 miles northeast of Council Bluffs-Omaha, benefits from a stable property tax base and strong management. The district has reported surpluses recently due to conservative budgeting and the use of a cash-reserve levy. While fiscal 2022 general fund estimated results shows another surplus, we expect reserves will likely

... 2021 2020 2019 Financial indicators Total available reserves ($000) 2,743 1,820 1,225 Available reserves as a % of operating expenditures Very strong 28.8 19.8 13.3 Total government cash as a % of governmental fund expenditures 67.5 52.2 32.6 Operating fund result as a % of expenditures 9.7 6.5 (1.7) Financial Management Assessment Good Enrollment 698 696 688 707 Debt and long-term liabilities Overall net debt as a % of market value Low 2.9 1.4 0.5 0.5 Overall net debt per capita ($) High 5,026 2,291 872 943 Debt service as a % of governmental fund noncapital expenditures Low 4.3 4.4 4.4 Direct debt 10-year amortization (%) Average 51.0 100.0 100.0 90.0 Required pension contribution as a % of governmental fund expenditures 4.6 4.7 0 Other postemployment benefits actual contribution as a % of governmental fund expenditures 0 0 0 Minimum funding progress, largest pension plan (%) 117.3 84.8...

Summary