The Copperas Cove Independent School District has laid the groundwork for a “tax swap,” which would ultimately result in an unchanged tax rate for residents, but more district money for maintenance and operations.
The CCISD board of trustees approved a resolution for the 2018-2019 tax rate Monday in a special meeting, involving a tax ratification election.
Every school district’s tax rate involves two figures, which divide district budget into two pools. The maintenance and operations fund is a general fund for daily costs that also funds teacher salaries.
The interest and sinking tax rate provides funds for payments on the debt that finances a district’s facilities.
The school board approved a measure to raise the district maintenance and operations rate by 13 cents, up to $1.17 per $100 property valuation.
With that resolution, the board established a legally binding “covenant” — upon voter approval of the rate, the interest and sinking portion of the tax rate will drop from $0.18 to $0.05.
The total tax rate would still equal the present tax rate of $1.22 per $100.
The tax ratification election will be held Sept. 8, which would increasing CCISD maintenance and operation funds by about $4.1 million.
Joe Burns, CCISD superintendent, said the election order approved by the CCISD board will help offset a loss of more than $12 million in federal Impact Aid.
“It will result in $4.1 million in additional revenue and will help minimize the negative impacts of the loss of Impact Aid on student programs and staffing,” Burns said on if the measure is approved.
Voters can view further details at www.ccisd.com.