During a recent board meeting, the trustees approved a defeasance resolution aimed at paying off district debt earlier than scheduled, potentially saving taxpayers significant interest costs. The district has already saved $92 million since 2012 through aggressive debt repayment strategies, including a recent $35.8 million savings from a defeasance last month. The administration plans to allocate approximately $10 million for the upcoming defeasance, contingent on tax collections and maintaining a 20% reserve for next year’s bond payment.

The board also discussed the proposed tax rate for the 2024-2025 fiscal year, which remains unchanged from the previous year at a total of 0.877 cents per $100 valuation. Despite a nominal increase of 0.2871%, attributed to property value growth, the overall tax rate is considered flat. This stability allows the district to continue its debt repayment strategy without imposing additional financial burdens on taxpayers. The average homeowner in Midland can expect an annual increase of about $100 due to property value adjustments.

The board unanimously approved both the defeasance resolution and the tax rate, reflecting a commitment to fiscal responsibility and taxpayer savings. Superintendent Dr. Howard acknowledged the efforts of staff in implementing the principal incentive allotment, highlighting the collaborative work behind these financial strategies.