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Delayed county reappraisal slows tax advances; district redeems investments to cover cash flow
Summary
The district received a smaller-than-expected first property tax advance after the county posted reappraisal data late. Treasurer reported smaller cash receipts and said the district redeemed some investments to cover payroll and payables.
Orange Board of Education Treasurer Mister Puster told the board at its Jan. 27 meeting that a delay in county posting of state reappraisal data reduced the district’s customary mid-January tax advance and required temporary adjustments to cash management.
The treasurer said the county mailed property tax bills later than usual because the state was late sending reappraisal information. As a result, the district’s first tax advance this year was roughly $800,000 compared with about $2.4 million in the same period last year. The district’s tax payment deadline remains Feb. 20.
To manage cash flow for payroll and accounts payable, the treasurer said staff redeemed some investments in the long-term portfolio. He told the board the district has reserves and that similar actions were likely taken by other districts in the county.
The treasurer indicated he and the district’s investment manager (RedTree) have communicated about a recently adopted investment-policy resolution; the investment manager will meet with the audit and finance committee in February.
Board members requested that resolutions be attached to future agendas so they have time to review the documents in advance. The treasurer agreed to circulate the materials early and to confirm follow-up arrangements with the investment manager.
The board also approved the financial consent resolution, which included donations to the robotics team and the middle school library.
