School board to take out $13 million loan -, South Georgia News, Weather, Sports

School board to take out $13 million loan

June 29, 2005

Albany- Wednesday, the Dougherty County School Board held a special called meeting to vote on a tax anticipation note. The board unanimously agreed to borrow up to $13 million that will be repaid at the end of the year.

Finance officials say right now the general fund balance isn't enough to see them through the rest of the year, so they will borrow the money and pay it back once the county collects it's taxes and gives the school system it's share.

"The bulk of the school system's money comes in November (and) December when taxes are collected, so there's typically a cash flow late in the year or at this time of the year until November," says board member David Maschke.

Finance officials say the system should have no problem repaying the money by the end of December. It typically collects between $20 and $25 million during the last week of December.


Powered by Frankly