SHERMAN, Tex. -- We are all trying to save money in these tight economic times, but soon Sherman residents may actually be paying more. Some Sherman leaders say they are in favor of raising taxes. Rashi Vats explains.

School officials have said for some time that state education funding is not increasing, but the needs of local schools are. Voters in the Sherman Independent School District are set to decide on a 13-cent tax increase proposal.

Early voting on the issue has already started, and one business group is speaking out in favor of the increase.

"We do want to support this so that they can get the money that they need, and they are not hindered, and they're not going to have to cut any programs that are absolutely necessary to provide that well educational force and skilled workforce," Sherman Chamber of Commerce president Traci Carlson says.

And if not approved, school officials say they will have to cut resources they need.

"The benefits are not only for our daily operations, but for the programming that we have in place that we think works well for them," Sherman ISD superintendent Al Hambrick says.

Old school buses should have been replaced a long time ago with the fleet replacement program. If the tax ratification is approved, then Sherman ISD could be purchasing more new buses.

If approved, homeowners would pay an additional $130 a year for a home with a taxable value of $100,000.

"We are doing our very best to get the word out, and we ask that people would go vote,” Dr. Hambrick added.

Sherman is not alone in the proposed tax changes. School officials say it is a statewide issue that over 1,000 districts are dealing with.

Voting on the issue is set for next Saturday, October 4. Early voting is underway now.

For more information, check the following links:

Sherman Tax Ratification Election Information Page 1

Sherman Tax Ratification Election Information Page 2