BOARD RECAP -- January 22, 2024
January 22, 2024
The Prosper Independent School District Board of Trustees met for a regular Board Meeting on January 22, 2024.
School Board Recognition Month
Locally Elected, Community Connected
In Texas, school board members are elected by community members who trust them to do what's best for students. This connection ensures that board members are accountable to local voters, attuned to the needs of their communities, and dedicated to a brighter future.
Board approves first bond sale from the 2023 Bond Election
The Board of Trustees approved the first bond sale from the voter-approved 2023 Bond Election at the January 22, 2024, board meeting. In November 2023, the Prosper ISD community overwhelmingly approved a $2.7 billion investment for new schools, safety and security, technology, and a performing arts center.
Voter approval is a transformative step without any increase in the tax rate. It maintains a tax rate lower than that of 2022 and notably $0.41 lower than in 2014.
What are school bonds?
School districts can use voter-approved school bonds to secure funds – like home mortgages. The Board of Trustees initiates bond elections, and once voters approve the bond, the school district can sell bonds to investors who will receive repayment of principal plus interest over a maximum 40-year payout period. However, Prosper ISD schedules its bonds appropriate to the useful life of the financed assets: buildings are paid out over 30 years, technology infrastructure and other capital items such as buses are paid out over five to fifteen years, technology devices are paid out over one to three years, etc.
Why are bonds a good idea?
School districts rely on Maintenance and Operations (M&O) funds to pay for the education of the State’s children. However, large-scale projects can put a strain on these funds. By issuing bonds, districts can spread the cost of these capital projects over time without affecting their normal educational operations. Additionally, bond funds remain with the district, protecting them from state recapture, revenue fluctuations due to state mandates, and other adverse economic influences. In short, bonds allow for developing essential facilities and other capital expenses while saving and protecting taxpayers.
How are bonds sold?
The district issues bonds strategically with varying maturity dates, ensuring timely repayment for items with shorter lifespans and taking advantage of favorable interest rates. Bonds only cost the district something once they are sold. Bonds also come with a higher credit rating due to the Texas Permanent School Fund guarantee, a robust fund balance, and a track record of financial management excellence.
To issue a bond, voters authorize a particular dollar amount, which the school district can use to issue 'municipal' bonds as needed for capital projects. The interest rate is determined by the district's bond rating and prevailing interest rates at the time of issuance. Repayment occurs over an extended period using funds from the Debt Service tax rate.
The bond process involves two key components: bond authorization and bond sales. The district cannot surpass the authorized amount approved by voters at the bond election but is not obligated to spend all authorized funds. Bond sales occur as needed, with the Board determining the date and amount of each sale.
How much will the district sell in this bond sale?
The bond sale request will be for $400,000,000. The breakdown is below:
$232,000,000 - request from the 2019 bond election
$153,000,000 - request from the 2023 bond election for Prop A
$10,000,000 - request from the 2023 bond election Prop B
$5,000,000 - request from the 2023 bond election Prop D
This sale will help fund:
Elementary Schools 18, 19, 20
Middle Schools 5, 6, 7
High School 4
Campus additions at 2 middle schools
Technology devices
Capital items like land and buses
Administration Building
Technology infrastructure
Safety/Security
About the Bond 2023 Election
The Prosper ISD community overwhelmingly approved a $2.7 billion investment for new schools, safety and security, and a performing arts center on November 7, 2023.
Prosper ISD, one of the fastest-growing school districts in Texas, enrolls approximately 3,400 new students annually. From a mere 1,000 students and three campuses in 2002, the district has grown exponentially to nearly 29,000 students across 25 campuses in 2023.
CELEBRATIONS
Recognition of new Campus Principals and District Leaders
Recognition of 2023 State Semifinalist Prosper High School Volleyball Team
Performance by the Prosper High School United Sound Ensemble
INFORMATIONAL REPORTS
The administration provided a report on Bond 2019 construction projects.
The administration provided an enrollment update.
The administration provided a report on the Counseling and Academic Guidance Program.
CONSENT AGENDA
- Approve the minutes of the prior meeting(s):
- December 11, 2023
- Trustee Advocates Program Acceptance to Cohort 2
- Consideration and possible action on Commodity Discount Bid
- Consideration and possible action on General Services Bid
ADDITIONAL ACTION ITEMS
The Board approved the following items:
PUBLIC COMMENT
- Sixteen students spoke during public comment and expressed their appreciation of the Board of Trustees and Dr. Ferguson.
- One patron spoke during the non-agenda public comment about land purchases.
SUPERINTENDENT'S REPORT
CLOSED MEETING ITEMS
- The Board approved hiring contract personnel as presented including the superintendent's contract.
IMPORTANT DATES
- February 16, 2024 - Last Day to File for a Place on the General Election Ballot
- February 16, 2024 - Bad Weather Makeup Day
- February 19, 2024 - Professional Learning/Student Holiday
- February 19, 2024 - Regular School Board Meeting
- March 11-15, 2024 - Spring Break
VIDEOS OF BOARD MEETINGS
- Videos of Board meetings are posted within 7 days of the Board meeting.
- Board Meetings are also streamed live.
- Live Stream/Video Archive
PROCESS FOR SPEAKING AT BOARD MEETINGS
The Prosper ISD Board of Trustees welcomes public comment at Board meetings. In order to provide an efficient process at the Board meetings, we ask that individuals complete the Public Comment Form and submit it no later than noon on the day of the meeting. The Notice of Meeting/Agenda is posted 72 hours in advance of the Board meeting.
Prosper ISD Board of Trustees and Superintendent of Schools
From left: Board Member Tommy Van Wolfe, Board Member Jim Bridges, Board President Bill Beavers, Board Vice President Dena Dixon, Superintendent of Schools Dr. Holly Ferguson, Board Member Garrett Linker, Board Member Kelly Cavender, and Board Secretary Jorden Dial.
Visit the Board of Trustees website
Best Public Schools in Texas
Prosper ISD has an established 66-year history that is grounded in the humble roots of a farming community, now soaring to the fastest growing school district in the State of Texas, due in no small part to the pursuit of excellence in the arts, academics and athletics. Our students are routinely recognized on the local, state and national level for outstanding achievements, and our teachers are highly qualified experts who bring out the best in every student.
About Prosper ISDProsper ISD is a school district located north of Dallas in Collin and Denton Counties. The district spans approximately 58 square miles and serves more than 28,000 students in 17 elementary schools, 4 middle schools, 3 high schools and one early childhood school.
Email: communications@prosper-isd.net
Location: 605 East 7th Street, Prosper, TX, USA
Phone: 469-219-2000