The Oxford School District recently announced that it will not increase property tax rates for the 2024-2025 fiscal year despite issuing a $37 million bond in 2024.

This is due to sound financial planning and the effective use of government financing reforms.

The Mississippi State Legislature recently changed its funding formula. The Mississippi Adequate Education Program was converted to the Mississippi Student Funding Formula. The new formula provided OSD with a 7 percent increase in state funding, which equates to an additional $1.85 million.

These additional funds, along with new construction recently added to Lafayette County’s tax rolls, enabled the county to give all employees a raise, meet its new bond payment obligations, and still keep tax rates stable.

The current tax rate for OSD is 30.70.

“This underscores the district’s commitment to valuing our employees and making necessary investments in infrastructure while responsibly managing taxpayer dollars,” said Chief Financial Officer Allison Wally. “By maintaining the same tax rates, the district aims to minimize the immediate impact of the new bond on taxpayers while ensuring long-term sustainability and improvements to our facilities for our community.”

Superintendent Bradley Roberson presented a motion to the Oxford Board of Aldermen on Tuesday to approve the 2024-2025 ad valorem tax request for the OSD. The council voted unanimously in favor.

“We are grateful to Senator Nicole Boyd, Representative Clay Deweese and Representative Josh Hawkins for their work in securing additional funding for the Oxford School District through the implementation of the Mississippi Student Funding Formula,” Roberson said. “Their support is critical to improving education for the families in our community.”

The proceeds from the bonds will be used to finance:

• The ongoing construction of the Oxford High School Center for Innovation and Workforce Development.
• Numerous updates on the Oxford Early Childhood Center
• A standard-sized soccer field at Oxford Middle School
• Completion of the outdoor basketball court at Central Elementary
• Expansion and renovation of the sports facility
• Renovation of the bus shop to create additional toilets
• Exterior improvements to the Oxford Middle School campus
• Toilet renovations in older buildings throughout the district
• Plumbing and other infrastructure repairs on all district properties