The Longview ISD Board of Trustees held a public hearing on performance reports, formally called a May 4 election, and received an update on paying down debt during their regular meeting Monday, March 18.
District saves $5 million through debt paydown
Longview ISD has saved local taxpayers over $5 million by paying down debt early from a 2008 bond issue, district officials announced Monday night.
The latest defeasance escrow transaction alone will result in $5,135,427 in savings over the remaining life of the 2008 bond debt. By utilizing available funds in its Interest & Sinking (I&S) account, the district was able to pay off a portion of the outstanding bond principal and interest payments early.
"In February, that plan came to fruition through a defeasance escrow transaction," said Dr. Wayne Guidry, Assistant Superintendent of Finance. "By using available I&S funds to pay down debt early, we can reduce the overall interest owed and save our taxpayers money."
Guidry explained the defeasance escrow mechanism works by placing sufficient funds into an escrow account to cover the debt payments as they come due, allowing the district to retire and refinance that portion of the bonds ahead of schedule.
The proactive debt management strategy has been employed consistently by Longview ISD throughout the life of the 2008 bond issue. The administration plans to continue leveraging the I&S fund balance to maximize savings on the remaining debt.
"Our board and administration remain committed to being responsible stewards of our community's tax dollars," added Dr. Guidry.
Public Hearing
Board members held a public hearing over the Texas Academic Performance Report (TAPR). Here is the presentation trustees received.
The Texas Education Code requires each district's Board of Trustees to publish an annual report that includes the TAPR Report, campus performance objectives, a report of violent or criminal incidents, and information received under the Texas Education Code 51.403(e) from the Texas Higher Education Coordinating Board.
Performance is shown disaggregated by student groups, including ethnicity and socioeconomic status.
Chapter 39 of the Texas Education Code requires each district’s board of trustees to publish an annual report that includes the following information:
• Student Performance in Postsecondary Institutions
• 2022-23 Texas Academic Performance Report
• Report on Violent or Criminal Incidents
• 2022-23 District Accreditation Status
• PEIMS Financial Standard Reports
• Campus Performance Objectives
The Board of Trustees is required to hold a public hearing to discuss this report within 90 days of receiving the TAPR report from TEA. Chapter 39 also stipulates that the district must publish its annual report within two weeks following the hearing, including posting it on the district website.
No residents spoke up in support of or opposition to the TAPR report during the public hearing.
Please click here to download the report.
Elections Agreement
The board later approved an inter-local agreement with the Gregg County Elections Office for rental of equipment and software support for the May 4, 2024 elections.
Board Election
Incumbents Mr. Michael Tubb (Place 1), Dr. Samir Germanwala (Place 3), and Dr. Troy Simmons (Place 7) all filed for re-election to the Longview ISD Board of Trustees, with only Dr. Germanwala drawing an opponent.
Local resident Mrs. Tiffany Angus previously ran against Dr. Germanwala in the 2021 election to fill the vacant seat left by retiring board member Dr. Chris Mack. Dr. Germanwala won the 2021 race by a two-to-one margin, 261 votes (66 percent) to 134 votes (33 percent).
Dr. Simmons has served on the LISD Board of Trustees since 1986, with Mr. Tubb first elected to the board in 2018.
Bond Election
Longview ISD is also proposing a $456.2 million bond across five propositions to address aging infrastructure and facilities. The May 4 election asks voters to consider safety updates, renovations, new construction, and more.
If approved, estimates show a monthly impact of $0.83 per $200,000 home. The district's total tax rate has dropped 37 cents over six years to its current $1.1422. LISD maintains one of the lowest debt-to-value ratios compared to 15 other districts at 1.8 percent.
Early Voting is April 22-30 and Election Day is May 4, 2024.
Any LISD resident who is registered to vote may cast a ballot in this election. Voters will be asked to vote “for” or “against” five separate propositions.
The deadline to register to vote is April 4, 2024. Residents can register for the first time, update their registration, or simply check to see if they are registered at GreggCountyVotes.com or VoteTexas.gov.
Superintendent's Report
During the Superintendent's Report portion of the meeting, Dr. James Wilcox recognized the district's Elementary UIL Academic winners and informed trustees that the Region VII Education Service Center Board of Directors election would be uncontested.
Additionally, the Superintendent's Report included the monthly District Services summary; updates to the Teacher Incentive Allotment (TIA) administrative guidelines, the RAPTOR safety data report with the latest visitor management system statistics; the most recent campus data monitoring analysis, which tracks key performance indicators including student attendance, discipline, and academic growth; as well as departmental reports from LISD's public school charter partners and the LISD Office of Innovation update.
In other business...
During the course of the meeting, the LISD Board of Trustees also:
APPROVED waiving $1,234.15 in penalties and interest on delinquent taxes from 2003-2023.The waiver covers taxes on account No. 185596 and stems from an oversight by the Gregg County Tax Assessor-Collector's office.
APPROVED Minutes and Board Time Use Tracker for the Feb. 12, 2024 Regular Meeting and the Feb. 26, 2024 Special Meeting;
APPROVED out-of-state educational field trip for Hudson PEP Elementary students to Sci-Port in Shreveport, La.
APPROVED Financial Statements as of February 2024; and
APPROVED Budget Amendment No. 7.
For more info
Trustees usually meet in the boardroom of the LISD Education Support Center (1301 E. Young Street), but often set special-called meetings at various locations around the district. The next regular meeting is tentatively scheduled for 6 p.m. April 15, 2024.
For more information about the Longview ISD Board of Trustees please click here.