The big picture
Assistant Superintendent of Operations Erich Morris recommended the board use a VATRE in November to increase teacher salaries for the upcoming fiscal year.
“We talk about amongst our peers, and there's no indication of positive movement for public education for this next [legislative] session that's next January, but the governor and lieutenant governor have already come out with their points of interest,” Morris said.
The VATRE would have the district use the three golden pennies to fund raises in the district by increasing the tax rate by $0.03. According to the Texas Education Agency, the first eight pennies above a district's maximum compressed tax rate are referred to as "golden pennies" because it allows a district to generate higher levels of funding.
Morris told the board since the May budget workshop, the district is still planning for a balanced budget even with the planned 1%-3% increase for teachers and staff and a one-time payment retention of $500.
Pay increases for teachers will be staggered based on years of experience, as previously reported by Community Impact.
The breakdown
The election would ask voters to approve adding $0.03 to the tax rate for an additional $7.4 million in revenue.
- Raises: $5.2 million
- MISD loyalty system: $1.2 million
- Staffing new facilities: $1 million
The full 2023-24 tax rate was $0.9638 per $100 valuation. With the three extra pennies, the tax rate would be $0.9895 if approved and $0.9595 if rejected.
What they’re saying
“Just my comment on the record, that I think, with how the legislature passed ... they held us hostage last year for vouchers. Obviously, I sit on a public school board and not necessarily a proponent of vouchers, but without that hostage situation going away, it does not feel like the state's public schools anymore,” trustee Jay Michaels said.
“We believe what we've developed, closes the teacher [pay difference] by now ... and also creates a unique system that we are unaware of any other district having anything quite like it,” Morris said.
Stay tuned
The district offers the public a look into its finances through a website called Money Matters.
MISD will adopt its fiscal year 2024-25 budget and tax rate Aug.12, district officials said.
