The Frenship Independent School District Board of Trustees unanimously approved the call of a Tax Ratification Election for November 7, 2017 that will generate an additional $1.2 million in state and local revenue without changing the district’s tax rate.
Voters can decide whether the district can shift two cents from the Interest and Sinking (I&S) tax rate, or Debt Service tax rate, to the Maintenance and Operations (M&O) tax rate. The current tax rate is $1.49 with $1.04 budgeted in M&O and $0.45 in I&S. A voter-approved two-penny shift changes the M&O budget to $1.06 and I&S to $0.43, but would not increase FISD’s total tax rate of $1.49.
Shifting these two cents will allow FISD to leverage additional state funding. These two “golden pennies” will bring more than $1.2 million in state and local revenue to FISD’s operating budget annually.
This new revenue will allow FISD to maximize state resources for priority instructional and facility maintenance and refresh. Plans include the expansion of the district’s full-day Pre-Kindergarten program at all elementary campuses, enhancements in Career and Technology Education programs, the purchase of additional student technology devices, additional instructional resources for students, and enhancement of learning management platform.
Why is an election required if the tax rate is not changing? The shift of two pennies would change FISD’s M&O tax rate from $1.04 to $1.06 and requires voter approval even though the I&S rate would drop from $0.45 to $0.43.
Early voting begins October 23 and runs through November 3 before the election on November 7.