July 13, 2023
Moody's Investors Service has assigned the highest possible rating – Aaa – to the school improvement bonds Beachwood City Schools will sell to finance the construction of two new elementary school buildings and upgrades to the Fairmount Early Childhood Center. District voters authorized the sale of $65 million in municipal bonds to finance this important project in the May 2, 2023 special election.
Moody's also maintained the District's Aaa issuer rating. Beachwood Schools is one of only three school districts in the state to earn this coveted status, which it has maintained since 2008. According to Moody’s, key factors in the District’s Aaa rating include its strong financial reserves, highly regarded academics and stable enrollment, as well as consistent community support for operating levies and bond referendums.
Moody’s stated in a release, “The stable outlook reflects the expectation that the district will continue to be a destination district for families which will in turn result in the continuation of stable enrollment trends and long-term tax base growth. Additionally, financial operations and reserve levels are expected to remain strong.”
“As both superintendent and a Beachwood resident myself, I’m thrilled that earning the Aaa rating will save taxpayers millions of dollars through a lower interest rate on this borrowing,” said Superintendent Robert P. Hardis. “This top rating is a credit to the fiscal stewardship of Treasurer Michele Mills, the decisions made by current and former members of the Board of Education, and the steadfast support of the Beachwood community.” Read the full report.
The design phase for the elementary facilities project is set to begin this fall. Look for upcoming invitations to stakeholder meetings to provide input on the building and grounds plans. The anticipated completion is August 2026 for the new 62,500 square-foot Bryden Elementary and June 2028 for the new 66,300 square-foot Hilltop Elementary.