TALLAHASSEE, Fla. (WCTV) – The Leon County School District is now eyeing a $30 million loan to cover payroll and operational costs.
It comes a little less than a month after its board approved its new budget.
Superintendent Rocky Hanna said the loan, if taken out, should be paid out in December once the district receives its share of local property tax revenue.
According to the upcoming school board agenda, property tax makes up about 40% of the district’s funding, but usually isn’t available until December.
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Hanna says the district previously used reserve and capital outlay funds to cover payroll during October, November and December. However, those funds were in the “red” this go-around.
“If our money was disbursed equitably or equally over a 12-month period of time, we wouldn’t have been worried about this. We wouldn’t have to do it,” he said. “But because we’re basically 20% short in the first half of the school year, that 20% had been made up by capital reserves and other funding sources. Now, we don’t have the means to do that, or if we do, it’d be really tight.”
The superintendent said any money left over from the loan will be reinvested for future expenses.
The district would have until January to pay it back.
The school board will decide on the loan at next Tuesday’s meeting.
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