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Austin ISD CFO warns district may need $19 million short-term loan to cover Nov. 30 payroll
Summary
Katrina Montgomery, Austin ISD’s chief financial officer, told trustees on Oct. 30 that unaudited FY24‑25 results show a projected $79 million deficit and recommended a minimal $19 million tax-and-revenue anticipation note (TAN) to ensure the district can meet its Nov. 30 payroll.
Katrina Montgomery, Austin ISD’s chief financial officer, told trustees on Oct. 30 that the district’s unaudited FY24‑25 results show a projected deficit near $79 million and that a short-term borrowing plan is needed to avoid missing the Nov. 30 payroll.
‘‘As of Nov. 30, we will not be in the place to make payroll,’’ Montgomery said, explaining that tax collections are delayed until mid-November and that, combined with the district’s cash burn, creates a narrow window of risk. She told the board the administration is recommending a minimal tax-and-revenue anticipation note (TAN) of $19…
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