Wall Street Analysis Confirms Solid AHC Financial Management

The most recent bonds were sold Nov. 21.

PSTCNOVEMBER 25, 2013 -- Wall Street analyst Standard and Poor’s recently elevated its credit rating of Allan Hancock College to AA/stable, and Moody’s Investor Services reaffirmed its AA rating of the college, in anticipation of the sale of $8.6 million in bonds for the college’s Measure I facilities improvement efforts.  The bonds were sold on Nov. 21.

“What this means is that the industry’s leading credit analysts have affirmed that Allan Hancock College has properly managed its budget and the bond funds entrusted to it,” said Kevin Walthers, Ph.D., the college’s superintendent/president. 

In issuing its rating, Standard and Poor’s cited “strong financial management assessment (FMA) due to prudent financial planning” along with the district’s tradition of “consistently managing to very strong fund reserves.”

Walthers, who began his tenure in July 2013, credits much of the college’s financial success to a board of trustees that is “dedicated to a stable, consistent and fiscally conservative approach to budget development and fiscal management.”  He added that the college has also benefited from the expert implementation of policy by Elizabeth Miller, Ed.D, the college’s associate superintendent/vice president, Administrative Services.  Miller has been the college’s top budget manager for more than two decades.

In June 2006, northern Santa Barbara County voters approved Measure I, a general obligation bond that over time will provide the college a total of $180 million to complete important facilities repairs, upgrades and new construction.  It also includes technology replacement. 

To date, Measure I has funded or helped fund:

  • Completion of the Student Center renovation (bldg. G)
  • Completion of the Academic Resource Center addition and Library renovation (bldg. L)
  • Community Education (bldg. S)
  • Science building (bldg. M-100/200)
  • Children’s Center Lab Addition (bldg. I)
  • Student Services building (bldg. A)
  • Administration building (new bldg.
  • Public Safety Training Complex at the Lompoc Valley Center (shown above are the six-story fire tower and burn building, part of the 68-acre complex)
  • Industrial Technology Building & Athletic Fields (bldg. O)
  • Marian Theatre renovation (building D)
  • Total college mainframe replacement
  • Technology upgrades and improvements
  • VOIP Telephone System

Since passage of the bond in 2006, the college has had in place a Citizen’s Oversight Committee consisting of eight members of the community that meets quarterly to review bond projects and expenditures.  Committee membership represents community, taxpayer, senior citizen, business, college and student constituencies.

For more information about Measure I, go to www.hancockcollege.edu and click “Measure I Information” on the homepage.

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Last Modified Dec 10, 2014