What is a Penny Swap Tax Ratification Election?

Posted by:

Through a voter-approved penny exchange, Fort Worth ISD would take 2 pennies from the Debt Service Tax Rate (also known as the Interest and Sinking (I&S) Tax Rate) and move them to the Maintenance and Operations (M&O) Tax Rate.

This move, called a “Penny Swap”, would allow the District to keep the total tax rate at $1.352. The Penny Swap will not cause an increase in the tax rate paid by taxpayers. This approval will provide the Fort Worth ISD with an additional $23 million annually, as more fully explained in this Q & A.