Nov. 7, 2024 – Duval County Public Schools has received a high financial rating from Fitch Ratings, an independent company that evaluates bond ratings, and district leaders say they plan to sustain that rating by maintaining strong reserves in upcoming fiscal years.
Specifically, Fitch affirmed the that the district had an “AA-” Issuer Default Rating (IDR). According to its press release, the rating “reflects a ‘strongest’ assessment of the district’s low long-term liability burden associated with direct debt and Fitch-adjusted net pension liabilities relative to Fitch’s local government ratings portfolio.”
For Superintendent Dr. Christopher Bernier, this news illuminates the steps the district is taking to remain viable in the face of concerning trends. For example, he said, the district is working to reduce annual operating costs by at least $100 million to preserve its financial health and stability.
“We have been very honest with our community about the proactive, but difficult corrective actions we are taking to steer the district into financial wellness, and this rating is a strong affirmation of those efforts,” Bernier said.
For more information about the district’s financial rating, read the full press release from Fitch.