PRESS RELEASE


May 21, 2013

Tina Veal-Gooch
Director of Public Relations
903.794.3651 ext. 1013

TISD Board of Trustees Approve Line of Credit, Solar Panels for Morriss Elementary and Dual Credit Journalism Courses at Texas High School

Texarkana, TX – During their Tuesday, May 21, 2013 regular session, the Texarkana Independent School District Board of Trustees approved a $5,000,000 line of credit, solar roof panels for Martha and Josh Morriss Mathematics & Engineering Elementary School and Dual Credit Journalism programs for Texas High School. Additionally, members reviewed the Second Reading of the 2013-14 budget.

The $5,000,000 line of credit was approved with Guaranty Bond Bank at 1.95% interest. Guaranty Bond Bank was low bid among other financial institutions that included Bancorp South, Farmers Bank & Trust and Wells Fargo.

“This line of credit is a precautionary measure that the district must take due to possible state funding of our August payment not being made until September,” shared Deidra Reeves, Chief Financial Officer. “Our main source of funding in August is from the State of Texas. As it stands, we feel comfortable that we have sufficient fund balance to cover the lack of payment from the state but do want to have a line of credit in place to draw on, if needed.”

For Morriss Elementary School, board members approved installation of solar photovoltaic (pv) roof panels and a solar thermal water heater at a cost of $146,000. Funding for the program will come through a Texas State Energy Conservation Office (SECO) Grant of $116,000 and an AEP SWEPCO SMART Source Solar PV Program Grant of $30,000. Estimated annual utility savings for the schools will be $4,750 with installation of panels and water heater to be completed by August 2013.

In other business, approval was given for a collaborative effort with Texarkana College to extend the Texas High School Journalism program by creating a coherent sequence of Dual Credit courses. The possible six courses will be through the Advanced Journalism classes and will provide additional college level credit for high school students beginning the 2013-14 school year.

Lastly, board members reviewed the Second Reading of the 2013-14 budget given by Chief Financial Officer, Deidra Reeves. Four scenarios were presented based upon current law and active legislation being considered.

The first scenario assumes all funding, revenue and expenditures remaining the same as 2012-13. With that, TISD would face a $1,153,898 deficit. The second scenario is based upon passage of Senate Bill 1 which would return back to the district $1,596,961 that was lost in educational funding during the last biennium. . The third scenario assumes the passing of Senate Bill 1 with the House Substitute of $1,719,673 being funded to TISD from the state. In the final scenario, the inclusion of consideration from the Conference Committee on Senate Bill 1 would return to TISD state funding in the amount of $2,072,664.

Review of certified appraised values for 2013-14 shows $1.9 billion which is an increase of $22 million due in part to the development of the Texarkana Convention Center and Encore Waggoner Creek. TISD estimates enrollment for the upcoming school year to be slightly up by 76 students.

No change will be made to TISD’s total tax rate which has remained the same since 2008. The 2013-14 proposed tax rate is represented by $1.17 for Maintenance & Operations (M&O) and $.169 for Interest & Sinking Funds (I&S) which is used to repay bonded indebtedness and other debts.

 

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