The Frisco ISD School Board voted Monday night to place both a Tax Ratification Election (TRE) and bond election on the Nov. 6 ballot.
The TRE will ask voters to ratify a 13-cent increase to the operations portion of the tax rate. A Board-adopted resolution would then reduce the debt portion of the tax rate after the election to offset the increase, resulting in a two-cent overall decrease to the total tax rate.
Property owners will pay a two-cent lower tax rate in 2018, down from $1.46 per $100 valuation to $1.44 per $100 valuation. That gives Frisco ISD a tie for the second lowest tax rate among school districts in Collin County and the fourth lowest rate in Denton County, based on adopted 2017 tax rates.
The tax swap would provide millions of dollars of increased operational funding to address areas identified by the District and community, while still allowing FISD to meet its debt obligations. This could include smaller class sizes, expanded student programming and more competitive compensation, among others.
A separate bond proposition would authorize the District to issue $691 million in debt to finance the construction of new schools, renovations to existing facilities and more.
Both measures were recommended to the School Board based on the input and feedback of District administration and an advisory committee made up of parents, community members, students and staff. The work done this summer by the Facilities & Programs Evaluation Committee was the continuation of a two-year effort to engage the community in the planning and decision-making process.
Election Day is Tuesday, Nov. 6. Early voting runs Oct. 22 through Nov. 2. The bond and TRE will appear on the ballot as separate propositions.