A closer look
A VATRE is required when a school board adopts a tax rate that exceeds the district’s voter-approval tax rate, according to the Texas Association of School Business Officials.
The SMCISD board of trustees approved the VATRE during an Aug. 26 regular meeting, according to district officials. The board approved a total tax rate of $1.0152, of which $0.6969 would go toward maintenance and operations, or M&O, and $0.3183 would go toward the payment of principal and interest on bond indebtedness, or I&S.
The board-approved tax rate of $1.0152 is above the current voter-approved tax rate of $0.9952, which utilizes $0.6769 toward M&O and $0.3183 for I&S.
If voters pass the VATRE in November, SMCISD anticipates receiving between $2.7 million to $2.8 million in additional funding every year going forward.
“Keep in mind that there are variables such as certified property values, [average daily attendance] and enrollment that play into that figure from year to year. Also, these funds are not subject to recapture, if the district finds itself in a recapture position in the future,” Chief of Communications Andrew Fernandez said in an email to Community Impact.
If the VATRE is not passed in November, the total tax rate would revert to the voter-approved tax rate of $0.9952, according to district officials.
The backstory
The SMCISD board of trustees passed an operating budget of $102.93 million in expenditures for fiscal year 2024-25 in June. This leaves the district with a projected shortfall of $17.62 million.
