Denton ISD announced at the end of October it refinanced a portion of its existing bond debt, which will save taxpayers $6.6 million.
According to the district, the strategic financial move reflects the district’s ongoing commitment to responsible fiscal stewardship and proactive management of voter-approved bond funds.
The district said it took advantage of a favorable market and was able to lower interest costs without extending terms of the debt.
With the savings, the district can maintain a lower tax rate while continuing to support projects that enhance student learning environments, safety and infrastructure as it grows.
“Fiscal responsibility is one of our core commitments to the community,” said Denton ISD Superintendent Dr. Susannah O’Bara. “These savings directly reflect the diligence of our finance team in ensuring that every dollar is used widely to benefit our students and staff.”
According to the district, taxpayers in the community will save about $332.585 because of the debt management.
The district had the opportunity to take advantage of lower rates in part because of its Superior “A” financial integrity rating from the Texas Education Agency. It shows the district has a consistent record of quality financial management and transparency.
Recently, voters approved Denton ISD’s Proposition A, which approved a tax rate increase for residents that pay property taxes to Denton ISD.
The approved increase helped fund the district’s maintenance and operations costs.
For more information on Denton ISD’s Bond program, visit the district’s Bond History webpage.
