GCISD BOND INITIATIVES FACTS

GCISD receives no State funding for facilities or capital improvements. The Texas Legislature has chosen to fund facilities and capital improvements through local taxpayers. Accordingly, below we provide pertinent facts about GCISD bond programs, the financial management of the district related to voter approved bonds and the district’s transparency on these subjects.

Summary Statement of Facts

Each of the following statements is explained and supported with facts in more detail below.

GCISD was transparent with voters about the district’s debt prior to the 2016 Bond Election. The District’s financial statements include such information and are always available online for taxpayer review.

GCISD has effectively managed its debt and routinely worked to reduce the cost of voter approved bonds. While the State of Texas has not provided any funding to GCISD taxpayers for facilities and capital improvements, the District has refunded and refinanced bonds to lower the overall cost to the community.

GCISD is recognized for its superior financial management. According to Moody’s Investor Service, a renowned and independent national credit rating reporting agency, GCISD has a Aa1 Rating, which is the second to the highest rating possible.

GCISD employed a uniquely transparent and open process that was lengthy, deliberative and interactive to determine the 2016 bond initiative. More than 50 community stakeholders were involved, many of whom made critical and substantive recommendations that were incorporated into the final bond initiative. The District video recorded those meetings and placed them on a website dedicated to the process and of continually providing information to taxpayers. Information was always available to all taxpayers during the seven-month process.

GCISD was transparent with voters about the proposed tax rate associated with the 2016 Bond program. Using the District’s website and in many public meetings specific to the bond initiative, the District informed voters that the estimated cost would be $0.1281 (12.81 cents). As a result of efficient financial management, the actual cost is $0.0766 (7.66 cents).

GCISD was prudent in setting the repayment structure of the bond initiative. Initial principal payments ensure items are paid before their useful life ends. For example, GCISD structured bonds, associated with short-term assets like technology, to be fully paid in five years and school buses in seven years. (A school bus lasts 12-15 years and longer.) Bonds associated with long-term renovations and new construction is structured to be fully paid in 25 years or less.


GCISD Annual Report of Local Debt Information: Click here to review the document.


GCISD Debt Payment Schedule: Click here to review document.