By Paul Shapiro
. The proposed budget is $98,040,208, a number that was reached through significant budget reductions, including the elimination of three administrative positions.
"The budget that has been recommended and adopted by the Board of Education will allow students and families in Hewlett-Woodmere Public Schools to continue to receive excellence in the four A's - academics, arts, athletics and activities," said superintendent Dr. Les M. Omotani. "The programs and services that everyone values are included in the 2009-10 budget, and we believe it will be supported by the community."
The spending plan will be presented to voters on May 19.
At the meeting, Omotani announced that the district received a rating of Aa2 from Moody's Investors Service, which performs financial research and analysis on commercial and government entities. The company ranks the credit-worthiness of borrowers using a standardized ratings scale. A rating of Aa2 means that the district is judged to be of high quality and is subject to very low credit risk.
The district has "well-maintained finances with ample reserves," according to Moody's. The service also "expects the district to continue to benefit from stable operations based in its use of conservative budgeting proactives, demonstrated revenue raising ability and trend of ample reserves."
Dr. Peter Weber, the district's assistant superintendent for business, said he hopes this shows the public the financial stability within District 14 as well as the administration's dedication to the district's future. "The independent rating firm, Moody's, has affirmed our solid and sound long-range financial planning and practice," Weber said. "The financial strength of the district was further affirmed by investors purchasing our bonds with an average interest rate of 3.5 percent. This will result in significant annual savings throughout the next 15 years, and reflects our commitment to responsible and sustainable budget
planning."
Comments about this story? PShapiro@ liherald.com or (516) 569-4000 ext. 201.
