The seasonal influx of property tax revenue has — at least temporarily — lifted the Commerce Board of Education out of deficit spending.
From November, when the system had a deficit of almost $1.3 million, including a $920,000 tax anticipation note (TAN) due Dec. 30, to this week, the system received enough revenue from its 22-mill tax levy to put it $419,813 in the black as of Monday.
“We’re back on the upswing here,” declared finance director Ann Stokey at the board’s January meeting Monday night. “We’ve just got to stay on the upswing. I love that ‘positive.’”
One of the system’s goals for the 2013-14 school year is to finish a year that started with a $247,000 deficit in the black, after which it hopes to gradually rebuild its reserves.
Stokey noted that the TAN was paid off, half in the middle of December and the remainder on Dec. 30.
For the complete story, read the Jan. 15 issue of The Commerce News.