U.S. PUBLIC FINANCE

ISSUER COMMENT 19 July 2023

RATING Issuer Rating 1
Aaa	No Outlook

Analyst Contacts

Indian Hill Exempted Village School District, OH

Annual comment on Indian Hill Village Schools

Issuer profile

Indian Hill Exempted Village School District is located in Hamilton County in the

southwestern corner of Ohio, approximately 10 miles northeast of downtown Cincinnati.

Nathan Carley	+1.312.706.9958	Key indicators AVP-Analyst

nathan.carley@moodys.com

Rachel Cortez	+1.312.706.9956 Associate Managing Director rachel.cortez@moodys.com

CLIENT SERVICES

Americas	1-212-553-1653

Asia Pacific	852-3551-3077

Japan	81-3-5408-4100

EMEA	44-20-7772-5454

Exhibit 1

Indian Hill Exempted Village School District, OH

2019	2020	2021	2022 Aaa Medians Economy
Resident income	217.8%	199.7%	217.1%	N/A	185.9% Full value ($000)                                       $3,583,718 $3,609,508 $3,910,920 $3,945,308$14,309,259 Population                                                       12,974         12,824         13,698	N/A         47,873 Full value per capita                                      $276,223     $281,465     $285,510	N/A     $218,401 Enrollment                                                        2,036           2,139           2,155           2,126          4,696 Enrollment trend                                                1.6%           2.3%            2.1%            1.5%          -0.9% Financial performance
Operating revenue ($000)	$35,733	$30,429	$44,787	$46,648	$136,828 Available fund balance ($000)                        $24,648       $13,545       $23,877       $24,924      $39,400 Net cash ($000)                                             $18,799       $15,243       $18,201      $20,960       $50,681 Available fund balance ratio                               69.0%         44.5%         53.3%         53.4%         28.9% Net cash ratio                                                  52.6%          50.1%         40.6%         44.9%         40.3% Leverage
Debt ($000)	$13,862	$13,606	$93,085	$93,985	$74,088 ANPL ($000)                                               $102,994     $122,935      $151,249     $121,904     $224,622 OPEB ($000)                                                   $2,497         $2,607         $2,481         $1,735       $22,916 Long-term liabilities ratio                                334.0%        457.3%         551.1%       466.5%        302.2% Implied debt service ($000)                              $1,260          $1,011            $974         $6,529        $4,885 Pension tread water ($000)                               $2,186         $2,264         $2,599         $1,080         $6,924 OPEB contributions ($000)                                   $96             $75             $86             $88            $741 Fixed-costs ratio                                                 9.9%          11.0%           8.2%          16.5%          11.3%

For definitions of the metrics in the table above please refer to the US K-12 Public School Districts Methodology or see the Glossary in the Appendix below. Metrics represented as N/A indicate the data were not available at the time of publication. The medians come from our most recently published K12 Median Report.
Sources: US Census Bureau, Indian Hill Exempted Village School District, OH’s financial statements and Moody’s Investors Service

MOODY'S INVESTORS SERVICE	U.S. PUBLIC FINANCE

Credit overview

Economy

Exhibit 2 Enrollment

Enrollment (LHS)	Enrollment trend (three-year CAGR in enrollment) (RHS)

2,000	4.0%

1,500	2.0

1,000	0.0

500	−2.0

−4.0 0
2018	2019	2020	2021	2022

Source: Moody's Investors Service

Financial performance

Exhibit 3

Financial Trends

Fund Balance as a % of Revenues	Cash Balance as a % of Revenues

60.0%

40.0%

20.0%

0.0%
2017	2018	2019	2020	2021	2022

Source: Moody's Investors Service

Leverage

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the issuer/deal page on https://ratings.moodys.com for the most updated credit rating action information and rating history.

2	19 July 2023	Indian Hill Exempted Village School District, OH: Annual comment on Indian Hill Village Schools

MOODY'S INVESTORS SERVICE	U.S. PUBLIC FINANCE

Exhibit 4

Fixed costs components

Indian Hill Exempted Village School District, OH	Aaa Median

10.0%

5.0%

0.0%
Implied debt service as % of revenue

Pension treadwater as % of revenue

OPEB contributions as % of revenue

Source: Moody's Investors Service

3	19 July 2023	Indian Hill Exempted Village School District, OH: Annual comment on Indian Hill Village Schools

MOODY'S INVESTORS SERVICE	U.S. PUBLIC FINANCE

Appendix

Exhibit 5

Key Indicators Glossary

Definition	Source

Economy
	
Resident income	Median Household Income (MHI), adjusted for Regional Price Parity MHI: American Community Survey (US (RPP), as a % of the US	Census Bureau)

RPP: US Bureau of Economic Analysis
	
Full value ($000)	Estimated market value of taxable property accessible to the district State repositories, district’s audited financial reports, offering documents or continuing disclosure
	
Population	Population of school district	American Community Survey (US Census Bureau)
	
Full value per capita	Full value / population of school district
	
Enrollment	Student enrollment of school district	State data publications
	
Enrollment trend	3-year Compound Annual Growth Rate (CAGR) of Enrollment	State data publications; Moody's Investors Service
	
Financial performance
	
Operating revenue ($000)	Total annual operating revenue in what we consider to be the	Audited financial statements district's operating funds
	
Avalable fund balance ($000)	Committed, assigned and unassigned fund balances in what we	Audited financial statements consider to be the district's operating funds
	
Net cash ($000)	Net cash (cash and liquid investments minus short-term debt) in	Audited financial statements what we consider to be the district's operating funds
	
Available fund balance ratio	Available fund balance / Operating Revenue	Audited financial statements
	
Net cash ratio	Net Cash / Operating Revenue	Audited financial statements
	
Leverage
	
Debt ($000)	District's direct gross debt outstanding	Audited financial statements; official statements
	
ANPL ($000)	District's pension liabilities adjusted by Moody's to standardize the	Audited financial statements; Moody's discount rate used to compute the present value of accrued benefits Investors Service
	
OPEB ($000)	District's net other post-employment benefit (OPEB) liabilities	Audited financial statements; Moody's adjusted by Moody's to standardize the discount rate used to	Investors Service
compute the present value of accrued benefits
	
Long-term liabilities ratio	Debt, ANPL and OPEB liabilities as % of operating revenue	Audited financial statements, official statements; Moody's Investors Service
	
Implied debt service ($000)	Annual cost to amortize district's long-term debt over 20 years with Audited financial statements; official level payments	statements; Moody's Investors Service
	
Pension tread water ($000)	Pension contribution necessary to prevent reported unfunded	Audited financial statements; Moody's pension liabilities from growing, year over year, in nominal dollars, if Investors Service
all actuarial assumptions are met
	
OPEB contributions ($000s)	District’s actual contribution in a given period, typically the fiscal yearAudited financial statements; official statements
	
Fixed-costs ratio                                    Implied debt service, pension tread water and OPEB contributions as Audited financial statements, official % of operating revenue                                                                   statements, pension system financial
statements
	
*Note: If typical data source is not available then alternative sources or proxy data may be considered. For more detailed definitions of the metrics listed above please refer to the US K-12 Public School Districts Methodology.
Source: Moody's Investors Service

Endnotes

1 Issuer Rating reflects the government’s ability to repay debt and debt-like obligations without consideration of any pledge, security or structural features. In some circumstances, credit characteristics are sufficient to result in a GO bond rating that is higher than the Issuer Rating. Local governments with Moody’s rated debt outstanding will have separate ratings detailed by security pledge on their Moody's.com issuer page and credit opinions explaining our credit view for each rating.

4	19 July 2023	Indian Hill Exempted Village School District, OH: Annual comment on Indian Hill Village Schools

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REPORT NUMBER	1373892

5	19 July 2023	Indian Hill Exempted Village School District, OH: Annual comment on Indian Hill Village Schools

MOODY'S INVESTORS SERVICE	U.S. PUBLIC FINANCE

CLIENT SERVICES

Americas

Asia Pacific

Japan

EMEA

1-212-553-1653

852-3551-3077

81-3-5408-4100

44-20-7772-5454

6	19 July 2023	Indian Hill Exempted Village School District, OH: Annual comment on Indian Hill Village Schools