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Pampa ISD Voter-Approval Tax Rate Election


Posted Date: 10/17/2021

Pampa ISD Voter-Approval Tax Rate Election

In August, the Pampa ISD School Board voted to conduct a Voter-Approval Tax Rate Election (VATRE) to be held on Tuesday, November 2nd.  The VATRE involves moving two pennies from the Interest and Sinking (I&S) side of school finance to the Maintenance and Operations (M&O) side.  The move will not raise the tax rate and will generate an estimated $600,000 for the district from the state. These two pennies are considered high-yield pennies and are weighted in the funding formula to generate more money at the state level than at the local level.  The move of the two pennies from the I&S side is possible because the district was able to refund the largest portion of their debt last February to a lower interest rate, thus saving the district $3,139,175 for the life of the debt.  The roughly $185,000 saved annually from the refunding allows the district to reduce the I&S rate by two pennies.  By moving the two pennies to the M&O and generating the additional income from the state, the district will be able to help PISD be more competitive in compensation and complete other projects.  The additional $600,000 revenue from the state is provided annually, under current legislation.

 

The ballot will state:

 

Ratifying the ad valorem tax rate of $1.2384 in Pampa ISD for the current year, a rate that will result in an increase of 0.97 percent in maintenance and operations tax revenue for the district.

 

The wording is a little confusing because the overall tax rate will remain the same and will actually be slightly reduced.  The two penny M&O increase is offset by the reduction of the two pennies from the I&S.  If you have any questions or concerns, please do not hesitate to contact me by phone (806) 669-4700, email: hugh.piatt@pampaisd.net, or in person. 

 

Sincerely,

 

Hugh Piatt II

Hugh Piatt II

Superintendent