Lovejoy ISD Voter-Approved Tax Rate Election (VATRE)
Comprehensive 3-Step Guide
*New Lovejoy ISD VATRE content will be published regularly. Please check back for additional information.
FAST FACTS
Lovejoy ISD District Profile
Overview
Mission
To propel every person to personal excellence.
Core Values
What is a VATRE?
An election called a Voter-Approval Tax Rate Election (VATRE) is required by state law when a school board adopts an M&O tax rate that is greater than the rate set by state law.
November 8, 2022 VATRE
On Monday August 8, 2022 the Lovejoy ISD Board of Trustees called for a Voter-Approved Tax Rate Election (VATRE) for November 8, 2022 to increase the M&O portion of the 2022 ISD tax rate by 3.17 cents.
VATRE Impact on the Tax Rate
Historical LISD Tax Rates
VATRE Priorities
The passing of the VATRE would generate approximately $640,000 in additional funding for Lovejoy ISD.
Financial Priorities:
Employee Compensation
Employee compensation is a component of teacher and staff recruitment and retention.
The graph below depicts the estimated budget impact of employee compensation increases ranging from
1-5% for the 2023-2024 school year.
Budget Deficit
Without passing a VATRE, the annual budget is projected to reach a deficit of over $2.1 million by fiscal year 2026.
Fund Balance
If the VATRE does not pass, days of operating expense in the fund balance are projected to decrease to
65 days in fiscal year 2026, potentially requiring a loan to fund operating expenses. The amount of money in a school district’s fund balance fluctuates throughout the year, but 90 days of cash on hand is often used as a minimum standard.
Since Lovejoy has a heavy reliance on local tax collections, having sufficient cash on hand is important to cash flow, which includes payroll.
Active communication, collaboration and community engagement is a priority for Lovejoy ISD. If your parent, school, HOA, community, civic (non-partisan), religious, or business group would like to request an in-person Lovejoy ISD VATRE presentation, please click the link below and complete the linked "Request for Presentation" form.