Lincoln-Way District 210 Achieves Historic Aa3 Bond Rating, Projects Stable Five-Year Financial Forecast

Lincoln-Way Community High School District 210 Meeting | April 16, 2026

Article Summary: The Lincoln-Way Community High School District 210 Board of Education celebrated a historic bond rating upgrade to Aa3 from Moody’s Investor Service, while simultaneously reviewing a five-year financial forecast that projects continued stability and operating fund balances maintained at 34 percent.

Financial Forecast and Bond Rating Key Points:

• Moody’s upgraded the district’s bond rating from A1 to Aa3, the highest credit rating in the district’s history, citing the 2022 restructuring of $130 million in bonds and the flattening of annual debt payments.

• Assistant Superintendent Michael Duback presented a five-year financial forecast projecting stable operating fund balances of 33 to 34 percent through fiscal year 2031.

• The Board approved placing a Tentative Amended FY2026 Budget on display (Resolution #2026-02), which accounts for a GASB rule change requiring capital lease payments to be transferred from the Education Fund to the Debt Service Fund.

• The amended FY2026 budget projects a $172,418 operating surplus, an improvement from the previously projected operating deficit.

The Lincoln-Way Community High School District 210 Board of Education on Thursday, April 16, 2026, celebrated a major financial milestone as officials announced the district has achieved an Aa3 bond rating from Moody’s Investor Service—the highest rating in the district’s history.

Superintendent Dr. Scott Tingley opened his district report by announcing the upgrade, which moves the district from an A1 rating into the high-grade “Aa” category. The rating indicates obligations that are judged to be of high quality and subject to very low credit risk.

“We’re back up to high grade in the bonds for Moody’s, and that’s a significant accomplishment,” Dr. Tingley told the Board. “This rating validates the hard work, transparency, and discipline that multiple Boards, administrative teams, and all Lincoln-Way staff have maintained.”

The official Moody’s report highlighted the district’s remarkable financial turnaround since 2016, when it held a Ba1 rating that placed it below investment-grade status. The upgrade was driven by strategic decisions, including a 2022 move to restructure $130 million of district bonds at a 1.76 percent interest rate, which reduced outstanding debt by approximately $22 million.

Board members reflected on the stark contrast between the district’s current financial health and its past struggles.

“I’m seeing the fund balance of $43 to $44 million, and we used to be the negative of that,” Board President Aaron P. Janik remarked.

“Come a long way from tax anticipation warrants, haven’t we?” Dr. Tingley agreed.

The bond rating announcement dovetailed with a comprehensive presentation by Assistant Superintendent of Business Services Michael Duback on the district’s Spring 2026 Five-Year Financial Forecast and an amendment to the Fiscal Year 2026 budget.

Duback explained that the Board needed to formally approve a Tentative Amended Budget for FY2026 (Resolution #2026-02) solely due to a new Governmental Accounting Standards Board (GASB) rule regarding capital leases.

“The whole reason to amend this tonight… is purely for an accounting rule,” Duback explained. “If we have a $100 lease payment, say that’s for a driver’s ed car or for one of our copiers… in the past, we’ve paid for it out of our education fund. Now, we need to transfer that money from the education fund into our debt service fund because it’s a lease, and pay it out of that fund.”

There is no monetary difference resulting from the change, but the amendment ensures the district avoids showing an over-budget status in specific funds. Because the district was opening the budget for the amendment, officials also updated revenue projections. The district is now projecting a $172,418 net operating surplus for FY2026, up from an initial projected deficit, largely due to conservative revenue estimates at the beginning of the year.

Building upon that amended budget, Duback presented the five-year financial forecast. The forecast factors in several economic assumptions, including a 3 percent Consumer Price Index (CPI) for 2026, tapering to 2 percent by 2030, and anticipated medical insurance cost increases of 8 percent in 2027.

Despite escalating healthcare costs and anticipated flat state funding, the forecast demonstrates that the district’s operating fund balances will remain stable at roughly 34 percent.

Board member Richard C. LaCien Jr. questioned the long-term sustainability of medical benefits growing at 7 to 8 percent annually while overall salaries increase by about 4 percent.

“If we go 8 percent for the next 15 years, it’s not sustainable for anybody,” Duback acknowledged. “The fact that we’re doing 7 and 8 [percent] on that high number and it still fits… makes us feel a little bit better about it.”

Dr. Tingley noted that the district made health plan adjustments in January and will explore further options in the fall, including the potential implementation of High Deductible Health Plans (HDHP) paired with Health Savings Accounts (HSA).

The Board unanimously approved the motion to place the Tentative Amended FY2026 Budget on display for 30 days. A public hearing is scheduled for June 18, 2026, prior to final adoption.