Mayor Steve Adler posted to the City's Council's message board Friday that he will not pursue a tax swap with Austin Independent School District this year.

Earlier in August, the City Council voted 6-4 to approve setting the maximum tax rate at 46.5 cents per $100 property value. The swap would raise taxes for Austin to increase revenue 14.4 percent while lowering the school district's taxes, allowing the city to fund district functions.

"Because our City’s quality of life and future prosperity is directly linked with our public schools, the Council is compelled to consider creative ways to help fund the needs of students in our city," Adler said Friday.

Adler said he may pursue the tax swap next year.

"Even though there’s still more work that needs to be done and it’s not ready for this budget, I am optimistic that we can solve some of its remaining challenges over time," Adler said.