EPISD–no limits to their spending

Take a look at this EPISD report:

The voters authorized bond sales of $452 million.

At the beginning of 2019 they had issued $200 million and had spent $42 million.  That left $158 million unspent.

In 2019 they spent another $72 million leaving $86 million unspent  going into 2020.

Why then did they sell another $252 million in 2019 when they had $86 million sitting around?

Interest

When they sold the $252 million of bonds they were able to put the money into interest bearing accounts.  So far they have generated almost $12 million from  interest.  The taxpayers are paying interest on bonds that have not been spent on construction.  The district is getting interest on our unspent money.

The net effect is that they have been able to add $12 million to their budgets.

Unfortunately that is not enough to cover their planned spending.

The report shows that even after getting the extra $12 million from us they are still $13 million short.

We deserve better

Brutus

6 Responses to EPISD–no limits to their spending

  1. Socialism Ain't Cool says:

    it’s almost as if the people reading this blog deliberately do not want to know things.

    episd has to pay teachers who consistently demand higher wages while they eliminate accountability. wages, benefits, stipends, training, travel, etc. this all costs money. typically, a district will neglect maintenance and use that money along with “modest” tax increases to give teachers what they demand.

    there comes a time when these costs increase above a threshold and new income must be found if anything else is to be done within the district. that time is now.

    just like the city, episd is over encumbered and heavily in debt. the pendulum is starting to swing in the wrong direction.

    choices need to be made that people refuse to acknowledge, and it is beyond time to stop rewarding failure.

    or, you could just keep complaining.

    Like

    • Dan Wever says:

      Please tell us what you are doing to try fix what you describe!

      Like

    • living beyond your means ain't cool says:

      i don’t know where you’ve been for the past few years because your opening insult aside, you said nothing that hasn’t been said here multiple times by both brutus and commenters since the blog started. you talk about choices needing to be made, but then you stop short of listing those choices or telling us the choices you propose making. so you too are just complaining as you call it. as for new income, EPISD borrowing money so it can live on the interest is not only irresponsible, it’s nothing more than a shell game or a form of check kiting. does enron ring a bell?

      Like

  2. living beyond your means ain't cool says:

    i don’t know where you’ve been for the past few years because your opening insult aside, you said nothing that hasn’t been said here multiple times by both brutus and commenters since the blog started. you talk about choices needing to be made, but then you stop short of listing those choices or telling us the choices you propose making. so you too are just complaining as you call it. as for new income, EPISD borrowing money so it can live on the interest is not only irresponsible, it’s nothing more than a shell game or a form of check kiting. does enron ring a bell?

    Like

  3. Anonymous says:

    Vote like your life depends on it❗️It is the only way to get new blood and rid the city of the Vampires that now plague us. Time for new laws, new people, true government that represents all the people of this community.

    Like

    • A Big Unknown says:

      One big problem is how quickly and easily the new blood gets tainted. We have no way of knowing if candidates will be who they say they are and stay true to their stated values or if they, too, will sell out.

      Like

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