At its August 12 Special Meeting, Trustees voted unanimously to call a voter-approved tax ratification election (VATRE) that will be on the November 5 ballot. Registered voters residing within the GCISD boundaries will be asked to consider a three-cent increase to the Maintenance and Operations (M&O) tax rate that would generate approximately $6 million in funding for school district operations, including instruction, staff, transportation, maintenance, extracurricular activities and other daily operating expenses, excluding projects included in the recent bond. Bonds are paid for by a separate Interest & Sinking (I&S) fund, which is debt service.
Prior to calling for the VATRE to be placed on the ballot, Trustees were also presented the results of the Efficiency Audit, which is required by Texas Education Code prior to a school district conducting a VATRE. The audit analyzed GCISD's academic, financial and operational performance in comparison to similar districts. Auditors highlighted that GCISD received an "A" in the state’s accountability ratings, an "A" in the state’s financial ratings, and demonstrated an average daily attendance higher than both peer districts and the state average.
Trustees also approved the 2024 tax rate, and even with the three additional golden pennies voters will consider through the VATRE, the total overall tax rate (M&O plus I&S) will be lowered by $0.0014. With the passage of the VATRE, the M&O tax rate will increase by $0.0079, but the Board approved a decrease of $0.0093 on the I&S rate, which results in a lower total tax rate. Over the last five years, the overall tax rate in GCISD has been reduced by 37.98 cents, is now the lowest it has been in more than 25 years and remains one of the lowest in the region.