The gist
The board of trustees voted unanimously to certify the election results during a Nov. 18 meeting. For GCISD, the results ratify a 3-cent increase to its maintenance and operations tax rate which is expected to generate nearly $6 million for the district’s daily operations.
For homeowners residing in the district, the results ratify the fiscal year 2024-25 property tax rate at $0.9233 per $100 valuation, which is about 0.15% lower than the FY 2023-24 tax rate. The average home in GCISD is expected to save nearly $7 due to the reduced rate.
The results
According to election results from Tarrant County, the VATRE proposition received 24,087 votes in favor of and 17,516 votes against.
Board president Shannon Braun thanked the community for voting and passing the VATRE before the board voted to certify the results.
“We take our fiduciary applications of administering your tax dollars very seriously,” Braun said. “We know that you’ve entrusted confidence and trust into the leadership at GCISD as well as your board of trustees. This will help us to continue our pursuit of a results-driven district and a district of distinction.”
The background
The board called the VATRE during an Aug. 12 special meeting. Voters were asked to ratify the district’s adopted tax rate for the addition of three “golden pennies.” Additional revenue generated by golden pennies are not subject to recapture by the state but have to be ratified by voters.
If the proposition was denied by voters, GCISD’s general fund would have faced a $5.3 million shortfall in FY 2024-25. Since the tax rate was ratified, the budget is projected to end the year with a surplus of just under half a million dollars.
Breaking down the tax rate
The property tax rate is made up of two rates:
- Interest and sinking
- Generates revenue for the district’s debt service fund to pay off principal interest on bonds
- Maintenance and operations
- Generates revenue for the district’s daily operations such as teacher salaries and instructional costs
