Summary: Van Meter Community School District, Iowa; General Obligation

S&P Global Ratings assigned its 'A+' rating to Van Meter Community School District, Iowa's $10 million series 2024 general obligation (GO) school bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating on the district's GO debt outstanding. The outlook is stable. The district's unlimited ad valorem property tax pledge secures the bonds. Bond proceeds will be used to add classroom space and improve existing facilities. Located approximately 20 miles west of Des Moines, Van Meter serves primarily as a bedroom community for the Des Moines metropolitan statistical area. The district is mostly residential and has seen healthy economic growth in recent years, with expectations for continuous housing developments. We view the district's income and wealth levels

... 2023 2022 2021 Financial indicators Total available reserves ($000s) 3,164 2,441 1,911 Available reserves % of operating expenditures Very strong 30.1 24.4 20.7 Total government cash % of governmental fund expenditures 45.5 38.0 35.8 Operating fund result % of expenditures 7.6 4.7 4.8 Financial Management Assessment Good Enrollment 1,066 995 930 894 Debt and long-term liabilities Overall net debt % of market value Moderate 3.7 2.6 2.4 2.5 Overall net debt per capita ($) High 6,366 3,800 3,235 3,589 Debt service % of governmental fund noncapital expenditures Moderate 12.3 11.4 12.8 Direct debt 10-year amortization (%) Average 54 100 98 89 Required pension contribution % of governmental fund expenditures 4.7 4.3 4.8 OPEB actual contribution % of governmental fund expenditures 0.1 0.2 0.3 Minimum funding progress, largest pension plan (%) 105.1 117.8 117.3 EBI--Effective buying income. OPEB--Other postemployment benefits....

Summary