Early voting has begun on an initiative by the Bullard Independent School District to redistribute taxes, which would provide more than $400,000 annually to the district’s maintenance and operation fund.

Though ballot language may imply that voting for the redistribution would increase property taxes, Superintendent Keith Bryant said that is not the case.

In fact, the district stands to gain over $400,000 in state allocations, with voter approval.

The tax rate for Bullard is $1.47 per $100 valuation. Of the $1.47 tax rate, $1.04 is used for maintenance and operations, and $.43 is used for interest and sinking.

If the measure is approved, $.13 would be moved from the interest and sinking fund to the maintenance and operations fund. While the tax rate would remain the same, $1.17 would be used for maintenance and operations, and $.30 would be used for interest and sinking.

The state money available to add to Bullard’s interest and sinking fund, but only if the district shifts some money to the maintenance and operations fund.

If the space is not made in the interest and sinking fund, Bullard will miss the influx of state tax dollars.

To offset the tax increase on the maintenance and operations side, trustees have already approved a matching tax decrease on the interest and sinking side.

The interest and sinking fund is established by law when voters approve a bond election, such as the one that built Bullard’s new schools. It is strictly regulated to ensure that bond holders are paid in due fashion.

Among the legal restrictions enforced involving the interest and sinking fund is a ceiling.

Districts are not allowed to keep extra money in the fund.