View Mobile Site


TOP RECENT CONTENT

Gainesville schools to discuss using tax anticipation note to get money sooner

POSTED: June 27, 2008 5:01 a.m.
A tax anticipation note will be the topic of discussion at a Gainesville City Board of Education meeting scheduled for this afternoon.

Gainesville education officials said the move could loan the school system up to $5 million.

Janet Allison, director of finance for Gainesville city schools, said in an e-mail that it is quite common for school districts to use a tax anticipation note to meet operating needs.

"It is not the first time our system has utilized a (tax anticipation note), and systems all around us do so as needed," Allison said.

The note will be repaid with ad valorem tax collections by Dec. 31, she said.

"Property tax revenue collections increase when tax bills go out in the fall each year, with the bulk being received between October and February," Allison said. "... A tax anticipation note ... is the only debt vehicle that a school system can use to provide operating cash during shortfalls from ad valorem tax collections."

Shirley Whitaker, assistant superintendent for Gainesville City Schools, said the note will not have an effect on the system’s deficit, estimated at up to $6.5 million



Comments

Commenting not available.
Commenting is not available.

LOCAL

SPORTS

LIFE & GET OUT

LOCAL VIDEO


Contents of this site are © Copyright 2014 The Times, Gainesville, GA. All rights reserved. Privacy policy and Terms of service

Powered by
Morris Technology
Please wait ...