Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Elmbrook board approves $9 million tax-and-revenue note to cover November–December cash shortfall
Summary
The Elmbrook School District Board voted unanimously to authorize a taxable tax- and revenue-anticipation promissory note of up to $9 million from Town Bank to cover short-term payroll and operating needs before property tax receipts arrive in January.
The Elmbrook School District Board of Education on Oct. 13 voted unanimously to authorize a taxable tax- and revenue-anticipation promissory note for short-term cash flow purposes in an amount not to exceed $9,000,000 from Town Bank.
District staff told the board the borrowing is intended to cover the district’s low point in cash flow in November and December before property-tax revenues are received in January. Ben Praetor, a member of district administration, said Town Bank’s offer allows unlimited draws during the line’s term and that the district expects to repay the loan quickly to minimize…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
