S&P Global Ratings assigned its 'SP-1+' short-term rating to Madison Metropolitan School District, Wis.' approximately $60 million series 2023 tax and revenue anticipation promissory notes (TRANs), due Sept. 3, 2024. All pledged taxes levied for operations and maintenance purposes, state aid, and other revenue attributed to fiscal year-end June 30, 2024, including property taxes received in August 2024, secure the TRANs. The district will use the TRANs proceeds for cash-flow purposes in fiscal 2024. Madison Metropolitan School District has demonstrated stable operating performance, supported by both revenue and expenditure adjustments to maintain balanced financial operations. Officials budgeted for a $21.8 million spend down in reserves in 2023 on building projects carried over from fiscal 2022 due to timing issues but
