Although everyone has already probably already forgotten about it, the Azle ISD Penny Swap TRE election passed - but only by 108 votes (remember that the next time you think your vote doesn't count). It lost in every category except early voting, where the administration did a good job getting the teachers and staff out to vote for it.
It was hardly a secret that I was against it in principle for several reasons. I wrote two letters to the editor in the Azle News voicing my opinion about it, and wrote a commentary in Texans for Fiscal Responsibility's Texas Scorecard about it being a backdoor tax increase.
And, two months later it's already begun:
But you say, AISD saved a million dollars - that's great news! Before the Penny Swap, it would have been potential good news for taxpayers, because it would have been another opportunity to lower the bond I&S tax rate. But voters already gave any bond tax savings back to the school in the form of increased M&O taxes in the Penny Swap for the next 13 cents. Same goes for future property value increases.
Mind you, instead of paying interest this money now goes straight to the bottom line to pay for teachers and the like, which I would rather have than paying interest to the bank. But for the taxpayers that voted for bonds to pay for specific items in the past, 13 cents worth has been permanently shifted to operations taxes.