The DeSoto Independent School District has announced a significant financial achievement, securing $9.1 million in savings for taxpayers.
The savings occurred through a series of strategic debt management initiatives according to the district.
The district’s proactive approach, approved by the Board of Trustees, includes refinancing existing bonds at lower interest rates and making early payments to others.
The approach the district has taken resulted in substantial long-term cost reductions.
DeSoto ISD successfully issued $24.25 million in Series 2024 refunding bonds to refinance its Series 2016B bonds at lower interest rates, generating $4.5 million in savings over the bonds’ remaining term.
“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.”
Additionally, the district utilized its debt service fund balance to make early payments on its Series 2013 bonds.
The decision will eliminate $4.6 million in future interest costs, further alleviating the district’s debt burden and providing direct financial benefits to the community.
“This strategic financial management decision underscores DeSoto ISD’s dedication to maximizing taxpayer dollars and ensuring long-term financial health,” said DeSoto ISD Interim Chief Business Officer Michael McSwain.
By reducing costs for taxpayers, the district has strengthened its financial foundation, allowing for greater investment in educational programs and infrastructure improvements.
“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 DeSoto ISD Superintendent Dr. Usamah Rodgers.
In a challenging economic climate, marked by global inflation and constrained public-school budgets, these savings represent a significant accomplishment for DeSoto ISD.