During a called board meeting on Aug. 10, the Mansfield ISD Board of Trustees voted unanimously to call a Voter-Approval Tax Rate Election (VATRE), or Penny Swap, for Nov. 2.
With voter approval, the Penny Swap would restructure the MISD tax rate, swapping 13 pennies from the Interest and Sinking (I&S) tax rate to the Maintenance and Operations (M&O) tax rate. Doing this would allow the district to maximize state funding, bringing approximately $24.7 million in additional revenue to the district each year.
The additional revenue generated on the M&O side of the district’s budget would be used to maintain quality instruction, student programs, schools of choice, teacher salaries, and safety and security initiatives.
If passed, the total MISD tax rate would remain at $1.4183, the same total rate it is prior to the Penny Swap election. The total rate of $1.4183 with voter approval is approximately 3 cents less than the overall tax rate of $1.4464 in the 2020-21 school year.
“Compared to our surrounding districts, we bring in far less revenue per pupil. In some cases, the number is around $1,300 less per student,” said Superintendent Dr. Kimberley Cantu. “With a Penny Swap, we’ll be able to continue making Mansfield ISD a destination district committed to excellence that offers the best programs for students and retains the best educators—with no change to the current total tax rate.”
Residents are encouraged to visit www.MISDpennyswap.org for more information about the impact the Penny Swap would have on the district. The website also provides an explanation of how the Penny Swap works, lists frequently asked questions and provides a place for citizens to submit their own questions.
In addition to the website, MISD officials will hold several informational meetings that will be open to the public. As presentation schedules are finalized, meeting dates and other details will be shared with the MISD community.
Voters who reside within Mansfield ISD will see the VATRE proposition on their Nov. 2 ballot. Early voting will take place Oct. 18-29.