2030 Task Force Calls for Independent Investigation Into Wauwatosa School District Communications With Moody’s

Wauwatosa, Wis. — March 19, 2026 — The 2030 Task Force today called for an immediate independent investigation into statements made during the March 18, 2026 meeting of the Wauwatosa School District Finance and Operations Committee regarding communications with Moody’s.

During the public meeting, District CFO Scot Ecker appeared to acknowledge that a Moody’s analyst may have been left with the impression that the full $16 million operating referendum would be used to rebuild the District’s fund balance. In the same exchange, Ecker stated that he “wasn’t going to correct them,” while also maintaining that he had provided “honest information.”

Those remarks raise serious concerns about transparency, financial stewardship, and oversight.

Credit ratings directly affect borrowing costs, public credibility, and taxpayer exposure. If a ratings agency was allowed to rely on a materially inaccurate or incomplete understanding of the District’s financial plans, the public deserves a full accounting of what was communicated, what was understood, and whether material misconceptions were knowingly left uncorrected.

“This issue is too serious to dismiss as a casual misstatement,” said Shannon Malnory-Silbernagel of the 2030 Task Force. “When district leadership appears to acknowledge allowing a ratings agency to operate under a false or misleading impression, that demands immediate independent review.”

The Task Force also noted that these concerns are heightened by the continued delay in the public release of the FY2025 audit. Taxpayers should not be asked to accept reassurance while major financial questions remain unresolved and key public documents are still unavailable.

The 2030 Task Force is calling for:

• an immediate independent investigation into the District’s communications with Moody’s;

• prompt public release of the FY2025 audit;

• full public disclosure of the District’s actual fund balance restoration plan; and

• a clear explanation of what corrective steps will be taken to restore trust and accountability.

“Wauwatosa taxpayers are entitled to honest financial stewardship, transparent governance, and meaningful oversight,” the Task Force said. “Anything less is unacceptable.”

Media Contact:
2030 Task Force

Shannon Malnory-Silbernagel

friendsofshannon1@gmail.com 

About the 2030 Task Force

The 2030 Tosa Task Force is an independent community initiative dedicated to restoring trust, transparency, and accountability in Wauwatosa’s public schools. We believe that strong, ethical public education is the cornerstone of a thriving, inclusive community. Our work stems from deep concern over the current state of governance, academics, and financial stewardship within the Wauwatosa School District.

Our mission is to inform, engage, and mobilize residents through fact-based advocacy and constructive civic dialogue. We aim to hold public officials accountable, promote ethical leadership, and ensure that decision-making in our school system reflects the best interests of students, families, educators, taxpayers, and the broader community.