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.”
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