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Board approves use of deferred VATRE 'three golden pennies' funds for FY25 initiatives
Summary
Trustees approved using remaining funds from the voter-approved VATRE (three golden pennies) — approximately $1.3 million — that were not spent in FY24 and deferred into FY25 for the initiatives originally appropriated.
LeighAnn Goodwin reviewed the district’s VATRE (Voter Approval Tax Rate Election) approved by voters in November 2023 that allows for additional tax revenue (commonly described as the 'three golden pennies') generating roughly $1.3 million. Goodwin said some VATRE-designated funds appropriated in FY24 were not expended and therefore were deferred to FY25; she recommended the district use the remaining FY24 VATRE funds to continue the originally appropriated initiatives in FY25, and the board approved the recommendation (motion by Loyd Hopson, seconded by Linda Maxwell).
The minutes indicate the VATRE revenues were integrated into the FY25 budget, and that the FY24 monies were received after the FY24 budget cycle was complete, which is why the residual allocations were carried forward. Trustees voted unanimously to authorize the use of the deferred funds as presented.
