The school finance system gives school districts the option to increase property tax rates to raise additional funding to “enrich” their educational offerings through the M&O Tier II tax rate. “Pennies” refer to the local tax rate calculated in cents per $100 of property value. The amount of revenue raised by a “penny” is determined by the taxable property value within a district. When school districts increase property tax rates through the enrichment tier, the first pennies per $100 of property value levied are golden pennies, so-called because of the high value the state guarantees to school districts that choose to access them. School districts can levy up to eight “golden” pennies per $100 of taxable property value for enrichment funding. These “golden” pennies generate a guaranteed yield of $98.56 per penny per weighted student. In other words, in districts with a tax base that does not generate this amount of funding, the state “equalizes” the yield by providing additional state funding to the school district up to the guaranteed yield.  The first five of the eight “golden” pennies can be accessed at the school board’s discretion without voter approval. However, the remaining three “golden” pennies require voter authorization through a VATRE.  This additional M&O revenue can be used to fund critical needs, like providing competitive salaries to attract and retain high-quality educators and investing in essential educational programs and resources.