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Excellence in Financial Reporting Means Lower Interest Rates for RCC

The Rogue Community College (RCC) Budget and Financial Services department recently received the Certificate of Achievement for Excellence in Financial Reporting awarded by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR). This is the 16th time and the 15th consecutive year that RCC has earned this prestigious distinction.
The GFOA Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment.
"I am very proud of the financial services staff for this outstanding achievement," said Lisa Stanton, chief financial officer for RCC. "It demonstrates to our students and the community that RCC is an excellent steward of its finances."
Stanton added that the high level of performance contributed to RCC's bond rating. Moody’s Investor Service assigned an underlying rating of Aa2 on bonds the College issued in 2016 to finance construction and facility improvements. "And that earned us a much lower interest rate, saving money for taxpayers in our district," Stanton said.

Due to RCC’s solid financial record, the bonds were rated as premium, resulting in a $3.3 million premium and an interest rate of 2.13 percent. The bonds raised a total of $23.3 million.
Comprehensive annual financial reports are prepared in the spirit of transparency and full disclosure. The Government Finance Officers Association reviews financial reports to see that they adhere to program standards and plainly communicate their financial stories, and recognizes organizations such as RCC that succeed in achieving that goal.
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