Tax Anticipation Notes
Printed From: MiddletownUSA.com
Category: Middletown City Schools
Forum Name: School Tax Issues
Forum Description: Discuss past, current and upcoming tax issues.
URL: http://www.middletownusa.com/forum/forum_posts.asp?TID=5879
Printed Date: Nov 21 2024 at 3:51pm
Topic: Tax Anticipation Notes
Posted By: 409
Subject: Tax Anticipation Notes
Date Posted: Oct 21 2014 at 10:45am
MJ:
Middletown school district to borrow $3.5 million
By Rick McCrabb
Staff Writer
MIDDLETOWN —
It will cost the Middletown City School District between $40,000 to $50,000 to borrow and pay back $3.5 million in Tax Anticipation Notes (TANS), said Randy Bertram, the district’s treasurer.
He said the district has about $7 million in cash flow, but won’t receive additional tax receipts from the Butler County Auditor’s office until March or April 2015.
“It’s timing,” he said.
He expects the district to purchase the bonds in early December, and pay the money back by May 1, 2015. He said the money must be paid back within the same fiscal year. He said the money will be used for the operational needs of the district.
Bertram hopes borrowing the money is a one-time occurrence because the district expects to make additional budget cuts. If the district needs to borrow money again next year, he anticipates needing about $1.75 million.
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Replies:
Posted By: VietVet
Date Posted: Oct 21 2014 at 11:47am
Just gave them the bond money for their new school. Now, an early notice sales pitch hint by the school people with their endless barrage of money requests from the money starved taxpayer........and the voters keep giving them what they want without holding any of these people accountable for anything. Unbelievable. Do the school supporters ever get tired of being used by this poor performing investment? If a new levy is proposed at some future date, isn't it about time to draw the line in the sand folks? Have you considered what you are getting for your money?
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I'm so proud of my hometown and what it has become. Recall 'em all. Let's start over.
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