Voters in the Lewisville ISD rejected a proposed school tax increase Tuesday by a 2 to 1 margin.
LISD voters turned down the district’s request to increase the Maintenance & Operations tax rate by two cents through a Tax Ratification Election, with 4,114 votes against and 2,035 in favor of the increase, a turnout of 4 percent of registered voters.
If approved, the M&O tax rate would have been raised from $1.04 to $1.06 per $100 valuation. School officials said that the two-cent increase would have generated $7 million – $3 million from the state and $4 million from local funds – and would reduce the district’s 2010-11 budgeted deficit from $22 to $16 million.
As the district faces a $22 million deficit, the board will discuss utilizing the reserve fund balance as well as implementing budget cuts during the board’s annual retreat in November, district officials said.
Read more about this issue here from local residents and school officials.