The Finance Department is responsible for the daily business operations of the district which include: Accounts Payable, Accounting, Budget, Benefits/Risk Management, Investments and Cash Management, and Purchasing.
Debt Management Strategies & Board Foresight Save Taxpayers Money
Over the past 8 years, MISD has strategically and prudently implemented 9 school bond refunding programs. The pre-payment of $6.71 million dollars has generated $27.6 million of savings for MISD Taxpayers. It’s these kinds of proactive moves on behalf of our taxpayers that has earned MISD a “Superior Achievement” for fourteen consecutive years in the Financial Integrity Rating System of Texas (FIRST).
In August 2016, the Board authorized payment of $2.445 million to pay off the 2007 bond referendum approving the construction of the agricultural science facility. Interest savings to MISD tax payers totaled $1.2 million. Similarly, in August 2016, the Board authorized a pre-payment of $990,000 toward the 2011 bond referendum approving the construction of a second-high school, a seventh elementary school and additions to the Frank Seale Middle School. Interest savings to MISD tax payers totaled $1.3 million
On February 1, 2018, MISD took advantage of the opportunity to refund (pay early) a portion of the 2017-B Variable Rate Bonds. This payment was planned in the Interest & Sinking Budget the board approved last August. The payment consisted of $1,730,000 in principal, $21,625 in interest, and $601 in fees. The funds were placed in an escrow fund with the Bank of New York Mellon Trust Company and will be housed there until the bond payment is made on August 2, 2018 (when the bonds are redeemed). Doing this payment early will increase the district’s bonding capacity as well as save MISD taxpayers approximately $2,372,425 in future interest payments.