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Lancaster ISD School Board of Trustees Call For A Tax Rate Swap & Drop Election

The Lancaster ISD Board of Trustees has called a tax ratification election or TRE to ask the community to consider a modification to the current allocation of local property tax revenues in order to maximize our state funding. The proposed change would bring the district an estimated additional Two million dollars annually under the current finance system while dropping your tax rate. How is this possible?

School districts are funded through different sources. Local tax dollars, state funding, and federal funding. Local taxes are collected and go into two different funds or pockets. The Maintenance and Operations or M & O and Interest and Sinking or I&S. The M & O pocket pays for the everyday operation of the district including salaries, academics resources and building maintenance. While the I&S pocket is similar to a mortgage and can only be used to pay the debt on school bonds.

Currently the M&O rate is $1.04 and the I&S rate is .50 making your current total tax rate $1.54

If voters approve the Swap and Drop, we will swap  .13 cents from I&S side to the M&O side. additionally, we will drop the I&S tax rate by .01 cent bringing your new tax rate to only $1.53.