The Cy-Fair ISD board of trustees discussed a potential voter-approved tax rate election, or VATRE, and $1.63 billion bond election for the Nov. 3 ballot during the Aug. 6 work session.
What’s happening: CFISD’s proposed tax rate is $1.1569 per $100 of property value which would trigger a VATRE, and Chief Financial Officer Karen Smith said the district would receive $103 million in revenue from the increase.
Spanning from fiscal year 2024-25 into FY 2026-27, the district has made multiple budget cuts totaling $94.4 million in savings, Smith said. However, the projected shortfall for FY 2026-27 is $80.9 million, as previously reported by Community Impact.
Smith said the district's current options for generating additional revenue include legislative action, removing the local optional homestead exemption, or LOHE, and increasing the maintenance and operations, or M&O, tax rate through a VATRE.
Looking ahead: The board of trustees plan to meet Aug. 10 at 6 p.m. in the Mark Henry Administration Building Boardroom located at 11440 Matzke Road, Cypress for a regular meeting.