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Frisco, Texas school proposals exceed $1 billion for Nov. 5 election – NBC 5 Dallas-Fort Worth
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Early Voting – What You Need to Know
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The Frisco Independent School District is asking voters to consider nearly $1.1 billion in bonds and a $0.0294 increase in the voter-approved tax rate in November.
The district said the VATRE in Prop. A is needed to help pay competitive salaries and keep the district among the most competitive amid rising inflation and stagnant state funding that has not increased since 2019. For Prop. B, the district hopes to build a new building for Staley Middle School and renovate 20 other campuses that are approaching 25 years of age. Frisco ISD also plans to modernize its fleet of aging school buses and improve infrastructure throughout the district.
Prop. C would provide network infrastructure improvements and replacement devices for staff and students. Prop. D would build a tennis facility that the district hopes will host local and regional events and eliminate the need for the district to rent a facility for use.
Voters considering the following statements will be asked whether they are “for” or “against.”
Proposal A — Voter-approved tax rate election (VATRE).
To ratify the ad valorem tax rate of $1.056900 per $100 valuation in the Frisco Independent School District for the current year, a rate that will result in a 1.92 percent increase in maintenance and operations tax revenues for the district for the current year compared to the previous year, which is an additional $11,500,000.
Proposal B — $986 million
The issuance of bonds in the amount of $986,000,000 for school facilities, giving priority to the construction, renovation, modernization, maintenance, security and equipment of school buildings, the purchase of new school buses and the levying of taxes sufficient to cover the principal amount and pay the school fees. interest on the bonds. It involves an increase in property taxes.
Proposal C – $88.2 million
To issue bonds in the amount of $88,200,000 for technology improvements throughout the district and to levy taxes sufficient to pay the principal and interest on the bonds. It involves an increase in property taxes.
Proposal D – $11.2 million
The issuance of bonds in the amount of $11,200,000 for a county tennis center and the levy of taxes sufficient to pay the principal and interest on the bonds. It involves an increase in property taxes.
Read more about Frisco ISD's bond proposal here.
HOW ARE TEXAS SCHOOL DISTRICTS FINANCED?
Texas school districts are funded from three sources: federal money, state money and local taxes. Local taxes consist of two tax rates, Maintenance and Operations (M&O) and Interest and Sinking (I&S), set by the school board. M&O is the money used to pay for the day-to-day operations of a school district, including salaries and professional development, utilities, curriculum, building maintenance and student services. I&S is the money generated from bonds to pay for new buildings, renovations, security, buses and other major expenses. The I&S tax rate is used for the repayment of the bonds. Approved financing for M&O and I&S projects may not be mixed.
HOW CAN BOND MONEY BE SPENT?
Bond money can only be spent on capital projects such as new buildings, renovations, security upgrades, land acquisition and other one-time costs. It cannot be spent on salaries, staff, utilities, fuel or other recurring costs. The money paid back from a bond includes interest over time, usually over a 30-year period. Many districts try to pay off their bonds early to save on the interest obligation.
WHAT IS A VATRE?
VATRE stands for Voter Approval Tax Rate Elections. If a district needs to increase funding for salaries, daily operating expenses, or other recurring costs, they must ask voters to approve an increase in the M&O Voter Approved Tax Rate (VATR). Many districts have BTWREs to increase M&O funding because they have a shortfall. State lawmakers have not increased funding for schools since 2019, and with inflation and the addition of unfunded mandates, such as adding an armed officer on every campus, many school districts say they are strapped for cash.
“This is a property tax increase.”
A state law requires school districts in Texas to include the statement “This is a property tax increase” on every ballot proposal. That applies even if the proposal does not increase the tax rate. In their proposals, many Texas school districts say they can issue bonds without raising the I&S rate. This is often done by taking on new bond debt while paying off old, declining debt. Read the district's proposal thoroughly to understand whether voting for the bond package will result in a change in the tax rate. Even without an increase in the tax rate, changes in property tax assessments could result in a higher tax bill for the property owner.
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