From WISDBond.com, 04/20/13 –
All information and data provided in this post was obtain through Weatherford Independent School District’s own financial audit for 2011-2012. Various tables are provided for your convenience at our downloads section and the entire report can be found on the WISD website.
The Weatherford Independent School District Board of Trustees and administration would like you to believe that for what costs you a night out with friends, they will be able to pay off a $107,320,000.00 bond in 30 years. Couple this with the fact that at the end of their fiscal year 2012, the WISD still owed over $73 million of a $97 million bond awarded to them in 1999; then throw in $1.9 million in maintenance bond debt; add another $2.7 million in interest; and you have the makings of a financial disaster that would make Bernie Madoff cringe.
Citizens that live within the WISD are struggling economically like most of the country if not more. Our unemployment is at one the highest rates it has been in the past 10 years. Our per capita income has come down 31% from 2011 to 2012. If we, the taxpaying citizens, were to pay off all of the bond debt encumbered today it would cost each individual $2,971.00. That might not sound like much to some, but it is 2, 3 or even 4 months of salary for others in our community. Some simply cannot afford that night out.
Click Here to See the WISD Annual Financial Audit on Their Website
(Download link is the blue box on the right of the page.)
Last year the WISD paid $2.7 million in interest alone. This is only with the $75 million in bond debt currently owed. How significant will interest rates increase with another $107,320,000.00 at 4.4%? How believable is the 30 year payout sound now? We cannot pay out more money in less time. Especially with an administration that has not shown it can provide responsible fiscal management.
This entire bond is based on projections that end in 2023. The proposed completion date for the high school renovations are August 2015. Furthermore, elementary, the new classified intermediate, and middle school campuses will not be completed until 2016. This does not even include a physical education/recess area for the fifth and sixth (intermediate) grade students because there is no money designated for the issue. Therefore, this $107 million bond request will only meet 7 years of enrollment projections. What then? Another bond? The 1999 bond will not be paid in full until 2035. A 2013 bond would be paid off at the earliest in 2044. Let’s not even consider yet a third bond payoff of 2055!
We must demand true conservative fiscal management by Weatherford ISD Board of Trustees and administration. Liberal spending and the request for more money must stop. Administrative oversight must be held accountable when it is found lacking.
Vote NO and AGAINST the proposed WISD bond on May 11.
Early voting is April 29 – May 7. Election date is May 11. For polling places near you, click here to view our polling places page.
Do you have an opinion you wish to share regarding this bond issue?
*** SPEAK UP ***
You cannot make a difference by remaining silent!