2009
08.05

Did you know about “State’s districts rank low on spending but high on school debt?”

Category: Academics, Board, Finance / Tags: no tag / Add Comment

Seems like the LTISD isn’t alone in their inability to deliver quality education no matter how much money they leach from the tax payers.

According to the article “State’s districts rank low on spending but high on school debt” published in the Saturday, August 1, 2009 edition of the Austin American-Statesman:

“A new report from the U.S. Census Bureau shows that Texas school districts as a whole spend less per pupil than those in all but a few states — but collectively they’re also deeper in debt.”

- Eric Dexheimer, “State’s districts rank low on spending but high on school debt,” August 1, 2009, Austin American-Statesman

Let’s look at the LTISD’s bond debts1:

Issue Name Mty Date Principal Interest Total Payment
Unl Tax Ref Bonds Ser 2003 8/15/2010 $1,210,000 $39,713 $1,249,713
Unl Tax School Bldg & Ref Bonds Ser 1998 8/15/2010 $4,780,000 $254,888 $5,034,888
Unl Tax School Bldg Bonds Ser 2001 8/15/2011 $1,875,000 $127,969 $2,002,969
Unl Tax Ref Bonds Ser 2005 8/15/2017 $14,220,000 $3,833,225 $18,053,225
Unl Tax Ref Bonds Ser 2008 8/15/2020 $3,155,000 $952,038 $4,107,038
Unl Tax School Bldg Bonds Ser 2004 8/15/2024 $26,200,000 $11,153,406 $37,353,406
Unl Tax School Bldg & Ref Bonds Ser 2006 8/15/2036 $89,686,217 $67,732,501 $157,418,718
Unl Tax School Bldg Bonds Ser 2006A 8/15/2036 $51,756,088 $44,734,937 $96,491,025
Subtotal: $192,882,305 $128,828,677 $321,710,982

1Source: Texas Bond Review Board

Wow, look at just how much interest is going to be paid out for all of that debt!

Most interesting of all, note that the debt did not really start to take off until 2004. And to think that the district is anxious to take on more debt. Why? The growth of the district has been consistent and predictable (predictable to just about anyone but the Board and administration), yet they have sufficient capacity for some time.

I don’t think that anyone can fault the district for land purchases. Buy it cheap now and keep it until you need it (especially if you don’t have to pay taxes on the property), but they can’t even seem to do that right.

First it is an “eminent domain” fiasco and now the Board hires yet another law firm to help with land purchases, yet nothing to show for it.

Just what are they thinking? I should know better than to ask such a stupid question, but …

It’s just a matter of time before we are asked to send more of our hard earned money down the drain, for what, “academically acceptable?” Again? More pay for Rocky?

Rollback Propoganda

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