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Tax money now rolling in for BoE

POSTED: February 8, 2010 9:49 p.m.

The financial report for the Effingham County Board of Education is looking up after more than $11 million in property taxes was collected in January.

While the end of 2009 left expenses heavier than revenue, as evident from the December 2009 finance report being reviewed at Wednesday’s BOE meeting. The cash balance is up to about $9 million, so this injection of revenue has been quite a relief.

“That’s really been encouraging in the last 30 days to see that those balances will be covered,” said schools Finance Director Ron Wilson. “We still have a long way to go. We still have our budget of $26 million and we have five months to get it.”

The board then unanimously adopted the final recommendation for a $5 million Tax Anticipation Note with Bank of America to be used in case the system is finds itself in a financial bind later in the year, as Superintendent Randy Shearouse recommended at the board’s Jan. 6 meeting. This should cushion any potential budget cuts during 2010.

The terms of the TAN stipulate that the school district may withdraw funds from the loan no more than once monthly and the advance has to be at least $100,000.

All withdrawals from the TAN must be repaid by Dec. 31 of this year.

If the TAN is untouched, the school board must pay a non-use fee of $17,500, as explained previously.

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