The Irving ISD Board of Trustees asked voters to consider a penny exchange which could generate an additional $10 million (or more) of state funding, while still maintaining the overall same total tax rate as last year. Voters approved the Tax Ratification Election (TRE) on September 10, 2016, allowing the district to move 13 pennies from the Interest & Sinking (I&S) tax rate to the Maintenance and Operations (M&O) tax rate.
A school district’s total tax rate is made of two parts. The M&O rate pays for daily operations and the I&S rate pays for annual debt payments on voter-approved bonds. By exchanging pennies from the I&S portion to the M&O portion, the local school district total tax rate is the same, but a higher M&O rate will bring more state funding.
The total tax rate remains at $1.445, the same rate it has been since 2015.
With the passig of the TRE, the additional state revenue will be spent on:
• Employee compensation
• Employee benefits
• Student success initiatives including additional instruction, summer programs and early childhood education
• Capital expenditures including buses, capital improvements, HVAC and energy efficiency (in lieu of a bond referendum)