AUSTIN, Texas — Austin voters will have the opportunity this fall to vote on a bond election to help Austin Community College (ACC) fund projects across Central Texas.
The college's board of trustees recently approved a $770 million general obligation bond for the November ballot. If approved, the funds will go toward projects aiming to expand training capacity for high-demand fields such as health care and advanced manufacturing. ACC said it would also include new sites in southeast and southwest Travis County.
“We have taken a thorough and thoughtful approach to develop a bond that can solve some of our community’s most urgent workforce challenges. Austin’s fast-paced growth has created a huge need for homegrown talent to fill high-skilled, well-paying jobs,” said Dr. Nan McRaven, ACC Board of Trustees chair. “The Board has heard from our regional community advisors and organizations across Central Texas and they recommended we move forward with this bond package. The Board is confident these bond projects will provide what our community needs with no increase in the tax rate.”
In a press release Thursday, ACC said it is currently the largest trainer of the Austin area's workforce, serving 70,000 students every year. Around 80% of its graduates now live and work in the area and, on average, graduates increase their income by 45% within five years of graduation.
“Education is the key to upward mobility and our community looks to ACC as the region’s primary workforce-training engine and the primary access point for individuals to achieve their career goals and be able to afford to live here,” said Dr. Richard Rhodes, ACC chancellor. “It is important that this bond remain inclusive of every region and every campus. This bond ensures the college can regionalize programs and services so everyone has the training they need no matter where you live in the district.”
ACC reported that it is able to issue bonds without raising its tax rate.
"Since property values are expected to increase, the college estimates that at its current tax rate, a taxpayer with a home worth $500,000 would pay up to $5 per year over the first five years, maxing out at $25/year for the remainder of the bond," the release states. "Seniors (age 65+) and residents with disabilities would see no tax increase as a result of this bond program. In 2021, the ACC Board of Trustees adopted a tax ceiling (freeze) for seniors and residents with disabilities."
The final estimated tax impact of the bond proposition for a standard homestead ($500,000 home value) is listed below:
- Year 1 - $5/year ($.47/month)
- Year 2 - $10/year ($.83/month)
- Year 3 - $15/year ($1.25/month)
- Year 4 - $20/year ($1.67/month)
- Year 5 - $25/year ($2.08/month)
The bond package includes projects in each region of the ACC District – north, central and south.
For more information on the bond election, click here.
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