At an Aug. 18 meeting, the PfISD board of trustees approved an order for a special election on "wealth equalization and school attendance credits," otherwise known as an attendance credit election, or ACE.
A district document states that means PfISD will need to generate additional revenue to pay the state $12 million. The 2022-23 school year is the first in which PfISD will be subject to recapture payments, or payments back to the state of Texas required of districts considered to be wealthy, through a program informally known as "Robin Hood."
"We have to seek voter approval to send this money back to the state," said PfISD Chief Financial Officer Jennifer Land, adding that failure of the ACE to pass, and subsequent inability of the district to pay the state recapture payment, could result in PfISD losing up to $1 billion in property valuation for the 2023-24 school year.
PfISD Chief Communications Officer Tamra Spence said there is no dollar amount attached to the ACE, and that if passed the election will allow the district to purchase attendance credits from the Texas Education Agency in order to fund the recapture payment.
Spence said by next year the TEA will determine the amount of recapture payment owed, and the revenue will come from local tax collections.
Land said at a July 14 meeting PfISD would become a recapture district for the 2022-23 school year.
