The Commerce Board of Education approved its Fiscal Year 2011 Budget Nov. 8, dipping into its reserve funds to the tune of $556,000.
Projected revenue is set at $11,031,894 and expenses at $11,588,152.
Director of finance Ann Stokey said that utilizing that much of reserves is unlikely and will be avoided if possible.
“We hope we can do as well as we have the last two years and not go into that much,” she said. “But worst-case scenario, that’s what it would be.”
Board member Mary Seabolt pointed out that if taxes come in December, the budget will be changed dramatically. Stokey agreed, saying that the system usually gets $1.5 million the first week of December.
“So yeah, you’re just kind of holding on until November,” Stokey said. “And I think, you know, our biggest thing is we don’t want to do a TAN (tax anticipation note — a loan based on anticipated tax revenue) again ever, because it’s very expensive and a waste of money. I think we’re going to be fine.”
Board chairman Paul Sergent said that some people think the money left over now should be spent, but he disagrees.
“By having enough money to coast through until taxes come in around Christmas, we’re saving having to pay for a loan,” Sergent said. “It’s just being economical.”
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