2017 Fort Worth ISD Bond
Fort Worth School Board Calls for Dual November Elections On “Penny Swap” Authorization & School Bond Package
Benefit to school district would be $23 Million annually in additional State funding and a tax rate neutral school bond improvement program
Fort Worth ISD trustees have approved dual November elections for this fall. The two propositions would include a “Penny Swap” tax rate authorization and a $750 million bond proposal.
The school funding formula penny swap would allow the school district to receive an additional $23 million annually in state funding and would enable FWISD to launch its proposed bond improvement program with no increase in the current school tax rate.
“Our commitment is to have all FWISD graduates be college-and-career ready,” said Superintendent Kent P. Scribner. “These two propositions would enable us to maximize state funding which in turn allows us to present a neutral tax rate bond solution.”
“The District is expected to approach 90,000 students by 2020, and this current bond program addresses both our growth needs (new schools & classrooms) and a critically needed educational upgrade for our high schools,” added Scribner.
Currently the District’s total tax rate is $1.352 per $100 of assessed property evaluation. The total tax rate is made up of two components - a $1.04 rate used for Maintenance and Operations (M&O - basically, everyday needs) and a $0.312 Principal & Interest (P&I) rate used to pay outstanding debt. Together those taxes equal the District’s total tax rate of $1.352. The PENNY SWAP AUTHORIZATION ELECTION will ask voters to increase the M& O tax rate by two cents and then lower its P&I rate by two cents resulting in the current tax rate being unchanged.
The proposed $750 million bond program was developed by a Long Range Facilities Master Plan advisory group made up of educators, parents, and community leaders. The group met over a period of six months and looked at what FWISD schools needed to meet the demands of a 21st century workplace.
The election is set for Tuesday, November 7, with early voting running from October 23 through November 3.