Summary: Siskiyou Joint Community College District, California; General Obligation

S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on Siskiyou Joint Community College District, Calif.'s general obligation (GO) bonds outstanding. The outlook is stable. Unlimited ad valorem taxes levied on taxable property within the district secure the GO bonds. In July 2021, California's governor signed the state's fiscal 2022 budget, reflecting significantly higher revenue and a large budgetary surplus relative to the original state forecast. We view this update as favorable for community colleges, with increased Proposition 98 funding (which establishes the minimum funding level for schools and community colleges), as well as specific features relating to community college district funding including: An increase of $395 million in ongoing Proposition 98 funding for general apportionments, consisting

...S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on Siskiyou Joint Community College District, Calif.'s general obligation (GO) bonds outstanding. The outlook is stable. Unlimited ad valorem taxes levied on taxable property within the district secure the GO bonds. In July 2021, California's governor signed the state's fiscal 2022 budget, reflecting significantly higher revenue and a large budgetary surplus relative to the original state forecast. We view this update as favorable for community colleges, with increased Proposition 98 funding (which establishes the minimum funding level for schools and community colleges), as well as specific features relating to community college district funding including: + An increase of $395 million in ongoing Proposition 98 funding for general apportionments, consisting of: $371.2 million for a 5.07% cost-of-living-adjustment (COLA), and $23.8 million for 0.50% enrollment growth; + $1.45 billion in Proposition 98 funding...

Summary