Summary: Stanislaus Union School District, California; General Obligation

S&P Global Ratings revised the outlook to stable from positive and affirmed its 'A+' underlying rating (SPUR) on Stanislaus Union School District, Calif.'s general obligation (GO) bonds outstanding. The outlook revision reflects our view that the district's available reserves will return to, and be maintained at, strong levels due to planned transfers of funds out of the general fund due to upcoming capital projects, as well as enrollment growth not rebounding as strong as previously expected. Revenue from unlimited ad valorem taxes levied on property within the district secures the bonds. Stanislaus Union School District is an expanding residential community located in Stanislaus County. While the district has residential and commercial developments in various stage of construction, management does not

... 2022 2021 2020 Total government cash as % of governmental funds expenditures 60 34 26 Operating fund result as % of expenditures 2.2 4.5 2.0 Financial management assessment Standard Enrollment 3,392 3,390 3,431 3,562 Debt and long-term liabilities Overall net debt as % of market value Low 1.5 1.6 1.4 1.6 Overall net debt per capita ($) Low 1,932 1,969 1,687 1,801 Debt service as % of governmental funds noncapital expenditures Low 2.9 2.3 2.3 Direct debt 10-year amortization (%) Average 53 47 33 29 Required pension contribution as % of governmental funds expenditures 8.3 8.1 7.1 OPEB actual contribution as % of governmental funds expenditures 0.0 0.2 0.3 Minimum funding progress, largest pension plan (%) 106.8 94.8 84.3 EBI--Effective buying income. OPEB--Other postemployment benefits....

Summary