DeSoto, Texas – DeSoto ISD is proud to announce significant savings on its debt service for taxpayers through proactive financial management strategies approved by its Board of Trustees. By refinancing existing bonds to lower rates and making early payments on others, the district has achieved substantial cost reductions, positioning itself for continued financial stability and improved community investment.
Through meticulous planning and collaboration with the District’s financial advisor, DeSoto ISD successfully sold its Series 2024, $24,245,000 of refunding bonds, which will refinance the Series 2016B bonds at lower interest rates, resulting in $4.5 million of savings over the remaining term of the bonds.
Additionally, the DeSoto ISD utilized its debt service fund balance to make early payments on its Series 2013 bonds, eliminating future interest costs of $4.6 million, reducing the overall debt burden for taxpayers and the District.
“These financial initiatives demonstrate our commitment to fiscal responsibility and transparency,” said Chasiti McKissic, DeSoto ISD school board president. “By refinancing and paying off bonds early, we not only save taxpayer dollars but also strengthen our ability to invest in educational excellence and future infrastructure improvements.”
In a season of global inflation and lean public school budgets, DeSoto ISD Superintendent Dr. Usamah Rodgers sees this as a positive outcome for the district and its school community.
“The savings generated from these actions will directly benefit the community by allocating more dollars to pay for school facilities and buildings instead of the interest cost associated with the financings,” said Dr. Rodgers.
DeSoto ISD Interim Chief Business Officer Michael McSwain echoed the sentiments of Dr. Rodgers and the District’s focus on managing its finances and improving education outcomes for its scholars.
“This strategic financial management decision underscores DeSoto ISD’s dedication to maximizing taxpayer dollars and ensuring long-term financial health,” said McSwain.
About DeSoto Independent School District
DeSoto ISD is a public independent school district serving more than 6,000 students and 800 employees. The district comprises 10 campuses serving students from early childhood through graduation. DeSoto ISD’s mission is to ensure students, without exception, learn and grow at their highest levels. The District’s 2021 Be The Future Strategic Plan focuses on equity, access, and excellence to provide a holistic and well-rounded educational experience to students and families in DeSoto, Glenn Heights, and Ovilla.
For more information about DeSoto ISD, visit www.desotoisd.org.
