S&P Global Ratings affirmed its 'A-' long-term rating and underlying rating (SPUR) on Oakland Unified School District, Calif.'s general obligation (GO) bonds outstanding. The outlook is stable. Revenue from an unlimited ad valorem tax levied on taxable property within the district secures the GO bonds outstanding. Oakland Unified School District has finished the past three audited fiscal years with positive operating results and at least strong reserves, but budgetary challenges remain as a result of rising fixed costs. The management team has continued to make progress on resolving many past financial difficulties by improving internal controls, operational transparency, and implementing budget reductions. As a result of budgetary challenges stemming from the sunset of one-time state and federal COVID-19-related stimulus funding,
