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In an effort to once again transfer funds into the from Interest and Sinking funds to Maintenance and Operations (M&O) with no cost to taxpayers, the Aledo ISD board of trustees at their regular meeting Monday night (June 21) approved the calling of another Tax Ratification Election (TRE) which will take place on Aug. 28, 2010.
Early voting is slated for Aug. 16.
Aledo ISD superintendent Don Daniel explained that although it appears taxes will be raised by elevating the M&O tax rate from $1.04 to $1.17 per $100 valuation, it is really just a shifting of funds.
“It will not increase the total tax rate and will not lengthen the bond payment schedules,” Daniel said. “We will pay the bonds off on the same schedule they are currently on.
"The TRE will reduce the I&S tax from $38.52 to $25.52, so it is reduced by the same 13 cents that is added to the M&O so that tax rate will stay the same.”
District taxpayers voted down a TRE last November - 1,027 to 788 - that would have shifted tax money at zero cost to tax payers, which would have helped the district with a net gain of $2.7 million.
As a result teacher and staff positions were cut and all existing staff members took a five percent pay cut for the 2010-11 school year.
For more on this and the trustees regular meeting, please see the June 25 issue of The Community News.