FOR IMMEDIATE RELEASE: October 24, 2022
CITY COLLEGE UPGRADED TO STABLE FINANCIAL OUTLOOK
Following a review of the financial health at City College of San Francisco (CCSF), Moody's Investors Service affirmed the college's A1 bond rating and revised its outlook from negative to STABLE. Over the last several weeks, Moody's Investors Service, one of the nation's benchmark bond-rating firms, has been reviewing CCSF's estimated 2021-22 financial actuals, as well as the 2022-23 Adopted Budget and the recent stabilizing actions taken by the Governing Board of the Trustees and the college.
Moody's revised STABLE outlook for CCSF acknowledges the district's stronger financial position, sound fiscal management practices, stabilizing reserves, and demonstrated commitment to addressing long-term liabilities. Moody's report mentioned that "the stable outlook reflects the expectation for financial stability" as well as "the outlook also incorporates our assumption that the district will continue its progress in aligning recurring expenditures with revenues exclusive of one-time funding and in rebuilding reserves to adequate levels".
"Receiving a revised STABLE outlook from Moody's is a strong endorsement of the district's increasingly stable financial position," said CCSF's President of the Board of Trustees, Brigette Davila. The increase in rating could also translate to millions of dollars of taxpayers' savings if future college bonds are sold and traded on the market. "The revised STABLE outlook signifies that CCSF is becoming a safer investment in the market, which reflects the college's ongoing commitment to fiscal health" said John Rizzo, the Vice President of the Board of Trustees.
City College of San Francisco, and its Board of Trustees, will continue to closely monitor the financial position of the district and remain diligent in ensuring continued financial solvency and ongoing sustainability to better serve students, employees, and San Francisco communities.
City College of San Francisco Media Relations Office, CCSFmediarelations@ccsf.edu
ABOUT CITY COLLEGE OF SAN FRANCISCO
For 85 years, City College of San Francisco (CCSF) has been the region’s premiere public, two-year community college. The college is now one of the first in the nation to offer free tuition, providing San Franciscans with the opportunity to access a quality college education and workforce training that leads to university transfer and good jobs. Since its founding in 1935, City College has evolved into a multicultural, multi-campus community college that is one of the largest in the country. CCSF offers more than 250 degrees and certificates and features an award-winning athletics program. For more about City College of San Francisco, please visit https://www.ccsf.edu/.