TALLAHASSEE, Fla. (WCTV) – The Leon County School District is now eyeing a $30 million loan to cover payroll and operational costs.<\/p>\n
It comes a little less than a month after its board approved its new budget.<\/p>\n
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. <\/p>\n
According to the upcoming school board agenda, property tax makes up about 40% of the district\u2019s funding, but usually isn\u2019t available until December. <\/p>\n
More Tallahassee News<\/p>\n
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 \u201cred\u201d this go-around. <\/p>\n
\u201cIf our money was disbursed equitably or equally over a 12-month period of time, we wouldn\u2019t have been worried about this. We wouldn\u2019t have to do it,\u201d he said. \u201cBut because we\u2019re 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\u2019t have the means to do that, or if we do, it\u2019d be really tight.\u201d <\/p>\n
The superintendent said any money left over from the loan will be reinvested for future expenses. <\/p>\n
The district would have until January to pay it back. <\/p>\n
The school board will decide on the loan at next Tuesday\u2019s meeting.<\/p>\n
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