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Voter Approved Tax Rate Election (VATRE) Facts Election Article On November 3rd, the Franklin Independent School District is asking residents to vote on a Bond Election and a Voter Approved Tax Rate Election. Proposition A is a bond election that is funded by the I&S tax rate. The bond will address the district’s needs to provide updates and renovations in areas including school safety, mechanical systems, kitchen equipment, playgrounds, lighting efficiency, parking lots and buses. The district expects to address these needs while lowering the I&S tax rate 14 cents in 2020. Proposition B is a Voter Approved Tax Rate Election (VATRE). A successful VATRE would allow the district to increase the M&O tax rate above its current state compressed M&O rate. The M&O rate would be increased three cents. The three cents would be moved from the interest and sinking or I&S tax rate, which pays for bonds, to the maintenance and operation or M&O tax rate, which pays for operations. The M&O fund mainly pays for staff salaries and benefits. If the penny swap is approved, the district’s golden pennies” — as the cents not subject to recapture are sometimes called — would increase from 5 cents to 8 cents. These three additional golden pennies would be used to support the proposed salary increase of the district’s teachers and staff. The district’s ability to move these three additional golden pennies from the I&S tax rate to the M&O tax rate and not be subject to recapture came from House Bill 3, the school finance bill from the last legislative session. By lowering the I&S rate by fourteen cents (Proposition A - Bond) and then increasing the M&O rate three cents (Proposition B - VATRE), the overall FISD tax rate would decrease eleven cents. In property rich districts like Franklin ISD, the recapture system in Texas takes a significant portion of our locally generated revenue. Golden pennies as well as Bond pennies are not subject to recapture. Since 2005, Franklin ISD taxpayers have seen over $162 million of our local tax dollars sent to the state in recapture. For Franklin ISD, a successful Bond and Voter Approved Tax Rate Election (VATRE) means the district would continue to be able to operate with tax dollars that are not subject to recapture by the state. If these dollars are not available, the district would have to cut expenditures. Cutting expenses means cutting the number of people who work for the district since personnel is approximately 80 percent of the district’s operating budget. Franklin ISD’s job is not to advocate for people to vote one way or the other, but rather to inform voters about the details of the propositions. One thing FISD wants to make sure people understand is that this is not a tax increase. While the item on Proposition B will be listed on the ballot as an increase in the M&O tax rate, the corresponding decrease in the I&S tax rate will lower the overall FISD tax rate by 11 cents. School Bond Ballot Wording Information Did you know? Did you know… A Voter Approved Tax Rate Electon (VATRE) is an electon that benefts districts by adjustng property tax rates. Since Maintenance and Operatons (M&O) funds are used for daily operatng costs, this rate is increased. The Interest and Sinking (I&S) rate, used for big-tcket items, is then decreased. On the ballot in November, FISD’s VATRE will be labeled as a tax increase. This is a requirement of House Bill 3 and refers to the higher M&O rate. With the lower I&S rate, FISD voters would NOT see an overall increase. The Voter Approved Tax Ratfcaton Electon asks voters to allow Franklin ISD to raise the District’s Maintenance & Operatons tax rate by $0.03, which the Board has ofset by lowering the District’s Interest & Sinking tax rate by $0.14. The end result is a $0.11 drop in FISD’s overall tax rate, but by swapping” the pennies to Maintenance & Operatons, Franklin will bring in an additonal $500 thousand in annual net operatng revenue. This additonal M&O revenue will be used to support the proposed salary increases for teachers and staff. Show All News Departments Grade Levels Teachers/Staff Staff Resources Bulletin Board District Calendar 2020-21 2020 Bond Election Information Pride Pals FISD Meal Prices, Menus My Texas Public School website Show All » Tweets by FranklinISD Franklin ISD Copyright© 1098 W. Decherd St., Franklin, TX 77856 Phone: (979) 828-7200 Fax: (979) 828-7207 Tax OfficeMichael Brewer, Tax A/C 979-828-3337 Copyright© Franklin Independent School District 1216 W Fm 1644 P.O. Box 909, Franklin, TX 77856 Phone: 979-828-7000 Fax: 979-828-1910 Search Calendar Parent Portal Homework...