COLLEYVILLE, Texas — The Grapevine-Colleyville ISD Board of Trustees voted unanimously to call a voter-approved tax ratification election for the November election during a special meeting on Monday.
If voters approve this measure on Nov. 5, it would result in a three-cent increase to the district's maintenance and operations tax rate, generating about $6 million in funding for GCISD operations like instruction, staff, transportation, maintenance and other daily operating expenses.
This increase would be made of "golden pennies," the district said, meaning all of the funds collected through this increase would stay within the district and not be subject to recapture.
For the 2023-2024 school year, about 22%, or $31.33 million, of GCISD's M&O tax levy was sent back to the state in recapture.
“The Board and District leadership have worked diligently to find efficiencies and significantly reduce expenditures over the past few years, and still provide exceptional educational opportunities for our students and provide tax relief on the debt side of the tax rate, even with the recent passage of the three bond propositions in May,” said Superintendent Dr. Brad Schnautz in a statement. “We encourage the members of our community to learn more about the VATRE, along with budget information and district tax rates, and ask questions before casting their vote in this election.”
Trustees also approved the 2024 tax rate during the Monday meeting. The total overall rate, even with the additional three cents, will be lowered by $0.0014. Should the election pass, the M&A tax rate would increase by $0.0079, but the board-approved decrease on the interest and sinking fund by $0.0093 still results in a lower overall tax rate.
The district's tax rate has been reduced by 37.98 cents over the past five years and is the lowest it has been in 25 years.
Residents can visit www.GCISD.net/VATRE for more info.
