While school districts across the state are experiencing the pitch and roll of turbulent financial waters, Taylor ISD has positioned itself on a steady course through sound stewardship of taxpayer dollars.
With enrollment expected to double over the next 10 years, the destination for TISD remains the same — student success. By virtue of its day-to-day financial practices, debt management, future planning, local business partnerships and commitment to top teacher recruitment and retention, TISD is navigating today's financial waters with a steady hand. And, prepared for what lies ahead.
Financial Management and Credit Rating
For the past five years, Taylor ISD has received a score of 'A for Superior Achievement' on its TEA FIRST rating, the system's highest possible recognition. Known as the Financial Integrity Rating System of Texas, FIRST ensures that Texas public schools are held accountable for the quality of their financial management practices through annual district evaluations.
During the same five-year span, TISD has received unmodified third-party financial audits each year, indicating a positive endorsement of the district's financial management and accounting practices.
In addition, TISD's AAA credit rating further reflects the financial health of the district, indicating a high level of credit reliability and the backing of the state of Texas.
Debt Management
Debt management is a fact of life for public school districts, and TISD's long-term debt is structured for consistency—a vital approach for a growing district—to prevent dramatic changes in the tax rate. "Since the district's debt is callable and can be paid off early," said TISD Chief Financial Officer Jina Self, "conservative tax base projections allow the district to consider paying bonds off early and saving on interest costs if the tax base grows faster than original projections."
This allows the district to manage the tax rate at a consistent level, preventing large tax rate swings, while continuing to pay debt or to lower interest costs each year.
Expenditure Projection Plan (EPP) & Preventative Maintenance
Implemented for the first time this year, TISD's Expenditure Projection Plan was developed through a collaborative inter-departmental process that will provide consistency in expenditures for equipment over the next 10 years. The plan outlines specific dates for the maintenance and/or replacement of high-cost items, in order to provide fiscal efficiency and sound budgeting practices.
Samsung Semiconductor & Chapter 313
The new Samsung Semiconductor facility is projected to increase the tax base and create growth in Taylor. TISD's Chapter 313 agreement with Samsung is a boon for the district, providing direct funding for day-to-day operations such as staff salaries, classroom supplies, utilities and transportation. Because the annual payments are considered local revenue, they are not subject to recapture (commonly referred to as the Robin Hood plan).
The increase in Taylor's tax base generates additional I&S tax payments that fund repayment of the district's debts. In turn, this increase improves the district's debt capacity for future construction, renovations/upgrades and furniture and equipment, which are all crucial for a growing district.
“Protecting the district’s financial integrity is essential to providing our students with an exemplary education,” said Self. “The development of the Samsung facility has spurred growth that will directly influence the district’s capacity to stay ahead of future expansion, while creating new opportunities that can positively shape our students’ futures.”
Cost-Saving Facilities
TISD is saving money through efficient facilities. The district has already upgraded to a high efficiency HVAC system at Pasemann and Main Street Elementary Schools as well as the new space at Taylor Middle School. New additions to facilities have included but are not limited to updated insulation that meets current standards and energy efficient windows—all designed to lower operating costs.
Teacher Retention & Student Success
A top financial priority for TISD in the coming years is competitive compensation that will enhance the recruitment and retention of highly qualified educators. "Experienced educators positively impact student achievement," said TISD Superintendent Dr. Jennifer Garcia-Edwardsen.
To that end, TISD has a fully approved Teacher Incentive Allotment Plan that provides opportunities for teachers to earn up to an additional $25,000 by meeting professional performance goals and student growth targets.
Additionally, TISD offers an attractive benefits package along with signing bonuses for new staff and retention bonuses for current staff.
"Providing competitive salaries to ensure low turnover will positively impact student programs and further strengthen the systems being built to withstand fluctuations," said Garcia-Edwardsen. "Building a strong workforce incites progress and will bring our district to the classification of a Destination District."
The TISD Board aligns district priorities that begin with staff and students in mind. Safety, pursuit of educational excellence and increasing compensation are at the forefront of their drive to bring TISD to its full potential.
The Impact of Financial Stability
"There are plenty of great things already happening in Taylor ISD," said Garcia-Edwardsen. "And, we're building on that foundation to enhance and expand our academic programs to increase student achievement."
Innovation is already taking place, and TISD will soon celebrate ribbon cutting ceremonies for updates to Main Street Elementary, Taylor Middle school and the new CTE wing at Taylor High School, built in collaboration with Samsung.
Curriculum and instructional decisions driven by data and teacher input ensure the district is getting the most value from instructional materials that are in alignment with the TEKS and supported by those delivering the instruction. TISD's goal is always to make strategic choices that support both student learning and teacher effectiveness.
"Taylor is truly a district where tradition meets innovation, and we're proud of the work our educators, staff and board members are doing to ensure that our students succeed and that the district is positioned for continued success into the future," said Garcia-Edwardsen.
