GCISD tax rate election could result in $6M boost From the cover
District tax rates
The current situation
Even if the VATRE passes, GCISD will have a lower tax rate than surrounding districts.
= VATRE has been called in that district
The property tax rate is made up of two rates. The interest and sinking rate generates revenue for the district’s debt service fund, which is then used to pay off principal interest on bonds issued by the district. The maintenance and operations rate generates revenue for the district’s daily operations: teacher salaries, instructional costs, maintenance and utilities. The board approved both rates in August with a 3 cent increase to the M&O rate. When a district seeks golden pennies to generate revenue, a VATRE has to be called, GCISD Chief Financial Officer Derick Sibley said. Golden pennies are not subject to recapture. Recapture mandates that property-rich districts such as GCISD make payments to the state to be redistributed to property-poor districts, according to the TEA. GCISD sent more than $31 million in recapture payments during fiscal year 2023-24, Sibley estimated.
Lewisville ISD
$1.1178
Northwest ISD
With VATRE
$1.1179
Coppell ISD
Carroll ISD $0.9617
Carrollton- Farmers Branch ISD
With VATRE
Grapevine- Colleyville ISD
Keller ISD $1.0852
$1.0343
$0.9836
Without VATRE
With VATRE
$0.9233 $0.8933
EMS ISD $1.2457
Birdville ISD
Irving ISD $1.0159
Hurst-Euless- Bedford ISD
$1.2008
$0.9689
*PROPOSED SOURCE: GRAPEVINE-COLLEYVILLE ISD/ COMMUNITY IMPACT
How it happened
2024-25 general fund expectations
Revenue if VATRE passes: $185.8M
general fund receives less in basic allotment revenue. “[The board] have gone as far as state law will allow them in increasing the tax rate,” Sibley said. “On top of that, we have three additional golden pennies, which is now what we’re asking the voters to consider.” Brent Alexander, demographic research director with School District Strategies, said in January that he expects district enrollment to continue declining 1% each year over the next 10 years.
Texas school districts receive funding from a mix of property taxes, state funding and federal sources, according to the Texas Education Agency. Revenue is partially generated based on a basic allotment of $6,160 per student counted in average daily attendance. The basic allotment has remained the same since 2019 while inflation has increased opera- tional costs and GCISD’s student population has declined. As enrollment declines, the school district’s
Expenses: $184.8M
$5.3M shortfall
Revenue if VATRE fails: $179.5M
SOURCE: GRAPEVINE-COLLEYVILLE ISD/COMMUNITY IMPACT
An Investment in Today's Texas Teachers is an Investment in Tomorrow's Workforce Stay Informed, Advocate, and Get Involved.
RaiseYourHandTexas.org
Paid by Raise Your Hand Texas
16
COMMUNITYIMPACT.COM
Powered by FlippingBook