School District of Westfield

Great news for the School District of Westfield community! As we move forward with the implementation of our recently approved referendum, we are pleased to share a significant financial update that will benefit taxpayers.

Bond ratings play a crucial role in determining interest rates when presenting debt to potential investors. Higher-rated bonds are considered lower risk, making them more attractive to buyers and leading to lower interest rates.

The School District of Westfield has consistently demonstrated fiscal responsibility, maintaining a strong fund balance and adhering to sound audit practices. As a result, with the assistance of our bond broker, Baird Financial, the district secured an AA- rating from Standards & Poor’s. This strong rating allowed us to secure a 4.28% interest rate on the referendum financing, significantly lower than the original estimates of 5.25-5.50%.

Over the course of the 20-year bond, this lower interest rate will result in $3,282,863 in lower interest costs for taxpayers relative to the planning estimates—a significant reduction in the cost of borrowing for our community.

We remain committed to responsible financial management while ensuring that our students continue to receive a high-quality education that prepares them for successful futures.