RCS Superintendent Nicholas Russo and Assistant Superintendent of Business Operations Matthew McDaniel sign paperwork.
By: Mary Beth Almond | Rochester Post | Published March 10, 2026
ROCHESTER — Recent efforts of the Rochester Community Schools Board of Education and administration will save taxpayers over $8.6 million, according to district officials.
The district recently sold its 2026 refunding bonds to refinance the 2016 Series 1 school building and site bonds, a financial move that will save taxpayers about $8.6 million in interest in bond funds over the next 10 years.
The district refunding bonds is similar to a homeowner refinancing their house to take advantage of lower interest rates.
Out of over 18 proposals, all within a narrow margin of 0.12% from the highest- to lowest-interest-cost bidder, district officials said the bonds were sold to Jefferies LLC at a tax-exempt fixed interest rate of 2.57%, with final maturity in 2036. The face value of the bonds totaled $48,770,000.
“We were very happy with 18 bids — that was a lot,” said RCS Assistant Superintendent for Business Operations Matthew McDaniel. “There was a very tight spread on this, so it was pretty much unanimous that the bonds were very strong and the school district is very strong financially, with a 0.12% difference on the spread. The market responded very well to the management of the district and the governance that the board has provided financially, and our taxpayers are going to reap the rewards of that.”
RCS Superintendent Nicholas Russo said the fiscal responsibility and dedication of the Board of Education are “commendable.”
“This positive financial position strengthens the district’s long-term ability to maintain its commitment to a robust strategic plan and to provide an outstanding education for all students,” Russo said in a statement. “Strong fiscal management and a strong credit rating resulted in a competitive market for the bond purchase and a positive outcome for the taxpayers in our community.”
The district’s S&P Global credit rating of AA contributed to the successful bond sale, according to Russo. As of June 26, 2025, only seven of S&P’s 354 rated Michigan K-12 school districts had a credit rating of AA or higher.
In evaluating the credit quality of Rochester Community Schools, S&P cited 10 consecutive years of balanced-to-positive operating performance, an affluent taxbase, and a manageable debt and liabilities profile.
In its credit highlights report, S&P stated, “We believe the district’s strong management with a culture of long-term planning, ability to outperform its budget, and additional liquidity from a 2019 voter-approved sinking fund millage limiting future debt issuance lend additional credit support.”
Rochester Community Schools has also been recognized with two awards from the Association of School Business Officials International.
The district has earned the Meritorious Budget Award, indicating excellence in school budget presentation and transparent budget development, for the eighth consecutive year.
Presenting a budget that is both accessible and accurate is crucial for school districts to clearly communicate and build trust with their communities, according to Association of School Business Officials International Executive Director Jim Rowan.
“The Meritorious Budget Award program provides districts with the resources and tools to do just that, and the districts that receive the award are recognized for their commitment to upholding nationally recognized budget presentation standards,” Rowan said in a statement.
The district also earned its sixth Certificate of Excellence in Financial Reporting for meeting the highest standards for financial reporting and transparency.
McDaniel said the district is proud to consistently present a budget that “is sustainable, supports growth and maintains high-quality student programs.”
“Through effective resource management, we are in a steady financial position to maximize the learning potential of all our students,” he said in a statement.