Dormont Elementary School

March 2026
The Keystone Oaks School District recently participated in a financial review with Moody’s Ratings, a national agency that evaluates the financial health of public organizations. Following this review, Moody’s assigned the district an A1 credit rating, which is considered strong and reflects confidence in the district’s financial management. Moody’s also assigned an A1 rating to the district’s upcoming $35 million General Obligation Bonds (Series 2026). After these bonds are issued, the district will have about $35 million in total debt.

Moody’s noted that the district’s rating is supported by its solid financial position and careful budgeting practices. According to preliminary (unaudited) numbers, Keystone Oaks ended the 2025 fiscal year with a healthy savings balance equal to 23.1% of annual revenue. The district does expect this balance to decrease gradually over the next few years due to rising salary costs and planned use of savings. Under the 2026 budget, the savings balance is projected to be 17.7% of revenue. 

Moody’s also noted several positive trends in the district’s local economy and community. Keystone Oaks is experiencing population growth, average household income levels, and a continued increase in student enrollment. Enrollment has grown from 1,874 students in 2023 to 1,915 students today, and the district anticipates gaining an additional 40 to 90 students over the next five years.

After the new bonds are issued, the district’s long-term financial obligations are expected to remain manageable—not exceeding 180% of annual revenue. The district may consider additional small projects or future borrowing if needed, but these are not expected to place significant strain on its finances.

Moody’s gave the same rating to both the district overall and the new bonds because both are backed by the district’s full commitment to repay its obligations, commonly known as its “full faith and credit” pledge.

February 2026
Resolution for formal action constituting a debt ordinance under the Local Government Unit Debt Act is approved

At their February meeting, the Board of School Directors approved a resolution for formal action constituting a debt ordinance under the Local Government Unit Debt Act. This authorization permits District Administration to proceed with incurring nonelectoral debt by issuing general obligation bonds in an amount not to exceed $38,000,000. The funds will support the planned elementary school remodeling project.

The District has been debt free since March 2023, when it made the final payment on its last outstanding bond series. This achievement is exceptionally rare among public school districts in Pennsylvania and reflects the Board of School Directors’ continued commitment to strong financial stewardship and service to the community.

January 2026
The Board of School Directors approved the bid and contract from Walter Mucci Construction Company Inc. for general construction for the exterior improvements to Fred L. Aiken, Dormont, and Myrtle Avenue elementary schools. The contract amount is $3,670,500 and includes the installation of new windows and exterior doors for all three buildings. 

The new windows and exterior doors are the first project for the first phase of the elementary schools building renovation project. The first phase of the project is estimated to cost $15 million and will include: 

• HVAC system upgrades that will improve comfort and air quality
• Roof repairs and new windows to ensure safe and efficient learning environments
• New playground equipment and surfaces at Dormont and Fred L. Aiken Elementary Schools. Myrtle Avenue Elementary’s playground will be renovated at a later date, as that building is expected to undergo other significant changes. 

This work is expected to start in the spring of 2026.

January 2025
A report outlining the findings was given to District Administrators and the Board of School Directors. This report serves as a roadmap for planning renovations and improvements. 

May 2024
The Keystone Oaks Board of School Directors hired HHSDR Architects/Engineers to complete an architectural study for all three of the District’s elementary schools. Over the course of six months, HHSDR:

• Met with stakeholders to collect input on overall needs and goals for the facilities. 
• Reviewed and analyzed existing facilities, grounds, and structures to document current conditions, determine compliance with building codes, and evaluate facilities based on current educational standards. 
• Made recommendations on suitable renovations needed to accomplish the district’s goals.