The ECISD School Board voted to approve a reduction of next years tax rate by $0.16 from $1.1779 to $1.014. The average homeowner in Ector County will have a savings of $506 next year with all exemptions applied including the $100k homestead.
The ECISD School Board voted to approve pre payment on past bonds in the amount of $34,435,000 that will save the district an additional $6.1M in interest. This is on top of the $37.3M made since 2020 that eliminated $26.9M in future interest.
Current debt was $134M outstanding 2 years ago with all pre payment and debt service payments by end of 2023/24 there will be $83.5M left on principal only leaving 2 of the series bond or $50.5M in reduction. Alleviating past debt at an expedited pace allows the district to take on new bonds without affecting the Voter Approved Tax Rate.