Stadium Project Accelerated to Achieve Savings
The project, which will be funded through the 2023 bond program, was originally slated for completion in fall 2029. However, growth is accelerating in Sherman ISD faster than projected, increasing the district’s bonding capacity. This growth provides the opportunity for SISD to move up the stadium project without increasing the tax rate.
The completion of the stadium will now more closely align with the planned additions to Sherman High School, which are expected to be complete for the start of the 2025-26 school year. The additions include approximately 33,000 square feet of new classrooms, which will allow SHS to serve 525 more students.
Design and construction on the multipurpose stadium is now anticipated to begin early next year. The projected completion date will be determined at a later date, but is expected to accelerate the project by approximately three years.
There are several advantages to accelerating the timeline for the stadium project to coincide with the high school additions:
- Reduces inflation costs
- Saves on construction mobilization expenses
- Leverages purchasing power by purchasing similar materials at one time
- Reduces the length of time that construction is underway at SHS
Moving up the stadium project will save the district up to $10 million dollars.
In addition to the savings anticipated by moving up the stadium project, Sherman ISD is also expected to save taxpayers more than $14 million by refinancing existing debt. The Board authorized refunding these bonds at their June meeting in order to achieve these savings.
The district actively manages its debt portfolio through various debt management practices, such as refunding existing bonds at a lower interest rate, prepaying existing bonds prior to scheduled maturity, and utilizing variable rate bonds for a portion of the district’s debt portfolio. These strategies are designed to lower Sherman ISD’s overall borrowing cost while increasing its bonding capacity for future capital improvement projects. Since 2011, these practices have resulted in a direct savings to SISD taxpayers of more than $56 million.