The Kennewick School District has refinanced $37.41 million worth of its bonds, generating millions of dollars in savings for its schools. 

The district secured a significantly better interest rate for the unlimited tax general obligation bonds issued in 2015, according to a district release, which will save $4.3 million over the next nine years. More than $500,000 will be saved next year alone. 

“The district remains committed to responsible financial management, and this refinancing allows us to reduce costs for taxpayers while continuing to support the needs of our schools and students,” said Superintendent Traci Pierce in a statement. 

It was only a year ago that KSD was in a budget crunch. The depletion of pandemic-era stimulus funding has affected school districts across the state, as has inflation and other increased costs. 

The district was also unable to collect any local levy funds for operations in 2023 due to voters voting against renewing an expired levy. A three-year levy was approved by voters in early 2024.