The Eanes Independent School District Board of Trustees is asking community members to consider what it is calling a “Penny Swap & Drop,” a plan to move around pennies from the budget to give the district more flexibility. The potential move is on the November 7, 2017 election ballot.
The Penny Swap & Drop would allow the district to take two pennies from the debt budget and move it to the operating budget. If passed, the provision would decrease part of the tax rate by 3.25 cents and would add about $3 million to the amount of local tax revenue that remains within the community.
“The Penny Swap provision increases the amount of local dollars we are able to keep in the district for operations, which allows us to fund and preserve the quality education we’ve built for our students and families,” said Board President Dr. Colleen Jones. “This approach is intended to help us meet our shared commitments to the children of Eanes ISD and the entire community.”
Jones said the district sends more money back to the state than it keeps. Texas requires property-wealthy districts like Eanes ISD to send to the state property taxes over a certain level, which the state then distributes to school districts with smaller tax rolls.
Jones said the plan the board has put forth is a “fiscally responsible approach to accessing and maximizing local funding.” She said, “Our stewardship in paying down bond debt quickly has presented an opportunity to increase the dollars we keep locally, dollars that can be used to preserve programs, attract and retain staff, and maintain class sizes.”
Eanes ISD Superintendent Dr. Tom Leonard added, “The Board’s action to place the Penny Swap & Drop measure on the November ballot speaks to their efforts to maximize our resources.”
Visit Penny Swap & Drop for updates and to learn more.