Voters approve $253 million bond referendum, tax ratification election
With all Travis County votes counted, Lake Travis ISD voters have approved the district's $253 million bond referendum and Tax Ratification Election (TRE).
Unofficial results are as follows:
For - 4,319 (74.5%)*
Against - 1,482 (25.5%)*
For - 4,066 (70.5%)*
Against - 1,699 (29.5%)*
*Please note, election results are unofficial until canvassed by the school board.
"We are fortunate to live in a community where residents are passionate about and committed to supporting one of the state’s premier public school systems," said Dr. Brad Lancaster, LTISD Superintendent of Schools. "In particular, I would like to thank our school board, senior staff, and our bond advisory committee for their vision, dedication and hard work during the past 11 months. The results of these elections are clear indications of the support for our public schools that defines our great community. Ultimately, I am grateful to the voters for approving these two propositions."
Bond proceeds will fund the construction of two new schools; upgrades, renovations, and repairs to existing facilities; new school buses, including installation of seat belts; technology; and land for future facilities and utilities. In order to accommodate the projected increase in our student enrollment, construction of Middle School #3 will begin immediately, and district officials anticipate completion by the fall of 2019. Construction of Elementary School #7 will begin next year and is expected to open in the fall of 2020.
Additionally, through the voter-approved TRE, the district is able to move two cents to its Maintenance and Operation tax rate by taking those same two cents from the Interest and Sinking Fund portion of the tax rate. The ‘penny exchange’ allows LTISD to generate approximately $2.1 million in annual state revenue not subject to recapture. The money from the TRE will be used to offset a loss in state funding.
"It is important to note that the results of these elections have no impact on our total tax rate," added Dr. Lancaster. "Our current total tax rate of $1.4075 per $100 of assessed property valuation is the same it has been since 2012. Please keep in mind, however, that although our local school district tax rate is unaffected as a result of these elections, an increase in property value will inevitably result in an increase in a homeowner’s tax bill."