EPISD debt service

This is the ballot language relating to the EPISD issue:

“APPROVING THE AD VALOREM TAX RATE OF $1.41 PER $100 VALUATION IN THE EL PASO ISD FOR THE CURRENT YEAR, A RATE
THAT IS $0.0647 HIGHER PER $100 VALUATION THAN THE SCHOOL DISTRICT ROLLBACK TAX RATE, FOR THE PURPOSE OF
GENERATING ADDITIONAL STATE FUNDING TO SUPPORT THE DISTRICT’S COMPENSATION PLAN AS ADOPTED ANNUALLY
INCLUDING THE ONE-TIME EMPLOYEE STIPEND IN 2018-2019, TO EXPAND ACADEMIC PROGRAMMING, AND TO SUPPLEMENT
FUND BALANCE. IN ORDER TO MAINTAIN THE CURRENT TAX RATE, IF VOTERS APPROVE THE $1.41 TAX RATE, THE BOARD OF
TRUSTEES WILL REDUCE THE INTEREST AND SINKING RATE BY $.10, TO REDUCE THE TOTAL TAX RATE TO $1.31, WHICH IS
EQUAL TO THE TAX RATE FROM 2017-2018.”

The problem

Their 2018-19 Official Budget report shows:

Their existing interest and sinking rate (before the election) is $.24.  From that they estimate raising $37,913,980.  If they lower the rate by ten cents they will raise about $22.1 million.

That leaves them with just enough money to pay the interest on the bonds but none of the principal.

Also according to state law they can raise the interest and sinking fund rate next year without fear of triggering a roll back election.

We deserve better

Brutus

10 Responses to EPISD debt service

  1. Benevelous says:

    It’s an easy choice. The ONLY moral and ethical choice is to vote “NO”. Any vote that helps EPISD is a vote FOR corruption and the continued waste of hundreds of millions of dollars!

    Like

  2. Jeff says:

    I voted no to this shell game.

    Like

  3. Anonymous says:

    Mayor Margo and Cabrera are cut from the same cloth. Tax the citizens to death and give NOTHING in return. But, El Pasoans are so gullible that they will vote for it and then gripe about what happens later. DO SOMETHING NOW!

    Like

  4. Anonymous says:

    A Vote of NO CONFIDENCE!

    Like

  5. Dan Wever says:

    They will do what they want when they want and nobody can stop them!

    Like

  6. unhappy EPISD parent says:

    Big “No” here.

    Like

  7. Judy Maddox says:

    Easy voted NO BUT THEN I AM SMARTER THAN THE AVERAGE BEAR!

    Sent from my iPhone

    >

    Like

  8. Anonymous says:

    They had an almost BILLION$$$ Bond. What did the “creative accounting” people at EPISD do with that?? Give Cabrera another pay raise, buy him an airplane so that he doesn’t have to WAIT in airports?? And now they want to shuffle “Pennies”?? My vote is NO, can’t TRUST these EPISD people.

    Like

  9. Anonymous says:

    Voted no yesterday. Learn to live within your means EPSID.

    Liked by 1 person

  10. Rodney Fender says:

    VOTE NO!!! They have managed to waste enough in the name of “the kids”

    Like

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