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Grapevine-Colleyville ISD Board of Trustees Certifies VATRE Results

Grapevine-Colleyville ISD Board of Trustees Certifies VATRE Results

Nearly two weeks after the Nov. 5 general election, the results of Grapevine-Colleyville ISD’s voter approval tax ratification election are official.

The essentials

The board voted unanimously to certify the election results at a Nov. 18 meeting. For GCISD, the results endorse a 3-cent increase in its maintenance and operations tax rate, which is expected to generate nearly $6 million for the district’s daily operations.

For homeowners residing in the district, the results ratify the property tax rate for fiscal year 2024-25 at $0.9233 per $100 of valuation, approximately 0.15% less than the rate of imposition of the 2023-24 financial year. The average GCISD home is expected to save nearly $7 thanks to the reduced rate.

The results

According to Tarrant County election results, the VATRE proposal received 24,087 votes in favor and 17,516 votes against.

Quote to note

Board President Shannon Braun thanked the community for voting and passing VATRE before the board voted to certify the results.

“We take our fiduciary applications related to administering your taxes very seriously,” Braun said. “We know that you have placed your trust in GCISD leadership and your Board of Trustees. This will help us continue our pursuit of a results-driven district and a district of distinction.

The context

The board of directors convened VATRE for a special meeting on August 12. Voters were asked to ratify the tax rate adopted by the district by adding three “golden cents.” Additional revenue generated by gold coins is not subject to state recovery but must be ratified by voters.

Had the proposal been rejected by voters, GCISD’s general fund would have faced a $5.3 million deficit in the 2024-25 fiscal year. Since the tax rate was ratified, the budget is expected to end the year with a surplus of just under half a million dollars.

Breaking down the tax rate

The property tax rate is made up of two rates:

  • Interest and sinking
    • Generates revenue for the district’s debt service fund to repay principal bond interest
  • Maintenance and Operations
    • Generates revenue for daily district operations, such as teacher salaries and instructional fees.

When the tax rate was adopted in August, the interest and depreciation rate was lowered by almost 5% to keep the rate lower overall than last year.