A voter-approval tax rate election, or VATRE, is an election that asks voters whether or not they authorize the school district to access the maintenance and operations tax rate to create additional local and state funding.
School board trustees approved proposing a total tax rate of $0.9895 per $100 valuation. If the community rejects the VATRE, the tax rate would be $0.9595 per $100 valuation. Residents age 65 and older will not be impacted by the increase if the VATRE is passed, as their ISD tax rate is frozen.
“We are asking for an additional three pennies in order to support increases in teacher salaries, constable salaries and salaries for our hourly employees to keep up with inflation and to close some of the pay gap we have with neighboring districts,” Superintendent Jason Bullock said.
A VATRE is different from a school bond in that it does not create debt for the school district. It generates funds both locally and at the state level for the day-to-day operations of the district.
This increase would generate a total of $7.4 million—$3.7 million in local funds and $3.7 in state funds.
“A VATRE raises the tax rate, and that generates funding every year,” Bullock said. “We're able to spend that on recurring costs, and it doesn't increase the district's debt.”
If voters approve the election, the funding will be used to:
- Provide a 4% raise to all staff, including paraprofessionals
- Support security initiatives, including increasing officer salaries
- Create a loyalty pay system to reward long-term employees
“Over the last several years, our work force amongst teachers has gotten younger,” Bullock said. “As teachers have gotten more years of experience, they've left for neighboring districts because they can make more money. Our vision for this local tax election is that we would use those dollars to close that gap and hopefully encourage some of those people who have left this district to come back.”
If voters approve the election, the VATRE funding will also support the future growth of Magnolia ISD.
“More families are choosing Magnolia ISD for their kids,” Bullock said. “This year we are opening our ninth elementary school. Next year we will open our third junior high and third intermediate school. We're actively planning for the growth and trying to be in front of that and be prepared when it gets here.”
In June, Magnolia ISD launched a Money Matters information campaign to help break down complex school funding formulas and explain the impact decisions at the state level are having on local school districts. To learn more about public school financing, visit this website.
Early voting will take place at any Montgomery County voting location between Oct. 21 and Nov. 1. Fore more information on the VATRE, visit www.magnoliaisd.org/district/vatre-2024.
The above story was produced by Multi-platform Journalist Mary Katherine Shapiro with Community Impact's Storytelling team with information solely provided by the local business as part of their "sponsored content" purchase through our advertising team.
