District officials refinanced nearly $100 million worth of existing bond funds, said Nick Petito, DISD’s chief communications and marketing officer, during an Oct. 28 school board meeting.
What’s being done
Over the past two decades, district officials have been able to save taxpayers about $332 million through debt management practices. Officials were able to lower interest costs without extending the terms of its debt due to favorable market conditions, according to a district news release.
The savings ultimately help DISD maintain lower tax rates while supporting projects that boost students' learning environments and safety, the release states.
“Fiscal responsibility is one of our core commitments to the community,” DISD Superintendent Susannah O’Bara said in the release. “These savings directly reflect the diligence of our finance team in ensuring that every dollar is used wisely to benefit our students and staff.”
One more thing
DISD received an “A” or “superior” rating on this year’s Financial Integrity Rating System of Texas, or FIRST, which is issued by the Texas Education Agency and provides financial accountability for Texas public schools. The FIRST score is based on various indicators, including timely payment with payroll, the amount of cash a district has on hand and other financial management metrics.
“Congratulations to our financial services team for their continued hard work to ensure taxpayer dollars are managed responsibly,” Petito said during the Oct. 28 meeting.
