While this year’s maintenance and operations, or M&O, tax rate will increase 2 cents to $1.06 per $100 valuation, the interest and sinking, or I&S, rate will drop 2 cents to $0.38 per $100 valuation.
A provision laid out in the Texas Tax Code allows school districts to conduct a tax rate swap in the year immediately following a natural disaster without holding a tax ratification election. Chief Financial Officer Stuart Snow said in June the move helped bring an estimated $40 million deficit down to about $12.6 million.
The board also unanimously approved construction proposals Monday night for three district projects from the $1.2 billion bond passed in May 2014:
- Middle School No. 19 is slated to open in time for the 2020-21 school year at the Cypress Park High School educational village, 7425 Westgreen Blvd., Cypress. Satterfield & Pontikes Construction, Inc. was awarded the $58.3 million contract.
- A nearly $15.9 million contract was awarded to ICI Construction Inc., for the repurposing and renovation of the former Matzke Elementary School site, located at 13102 Jones Road, Houston.
- ICI Construction Inc., was also awarded a $975,000 contract for Instructional Support Center technology and Falcon Annex improvements at 10300 Jones Road, Houston, and 11330 Falcon Road, Houston, respectively.