Bond Fund

Bond Fund Accounting provides financial accounting for the District's ongoing construction projects.  Contracts authorized by the Board of Education from the Bond Program Office are appropriated and encumbered.  Progress payments are submitted to Bond Fund Accounting for payment to contractors, architects, engineers, program administrators and other construction related  vendors within a five day turnaround.  Projects are reconciled to ensure that accounts and project funding are balanced at all times.  Project trends and cash flows are also analyzed throughout the life of capital projects funds.  Monthly financial reports are prepared for Rebuild 2002, Public Facility Corporation projects,  Maintenance Notes projects, and Rebuild HISD initiatives.

Primary sources of funding for capital projects are from bond issues and maintenance tax notes.  In 1998, a bond issue was passed for $678,000,000 to build 10 new schools, renovate 69 schools and 13 support facilities in a program titled Rebuild 2002.  Lease revenue bonds were also issued in 1998 to build two state of the art high schools governed by the Houston Independent School District Public Facility Corporation (HISD-PFC).  In 2001, maintenance tax notes were issued for $100,000,000 to renovate and repair the district's existing schools and facilities.  The most recent bond issue, titled Rebuild HISD, was passed in 2002 for $808,600,000 to build four relief schools, replace 16 schools, expand 10 schools, renovate 30 schools, build new Pre-K centers, renovate gymnasiums, improve playground equipment, and improve support facilities.

Bond Fund Accounting also provides information to a variety of organizations:  bonding companies, contractors, sub-contractors, taxpayers, and governmental agencies.  Current construction project files are maintained by the department as well as the district's permanent construction and real estate files.