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Austin ISD approves $19M short-term loan after CFO warns district may lack payroll cash on Nov. 30
Summary
CFO Katrina Montgomery told trustees AISD projects a $79M FY24-25 deficit and warned November tax-collection timing could leave the district unable to meet Nov. 30 payroll; the board unanimously approved a $19M tax and revenue anticipation note (4.67% interest) to bridge cash flow.
Austin ISD trustees unanimously approved a $19 million tax and revenue anticipation note after the district’s chief financial officer warned of an imminent cash shortfall that could prevent the district from making payroll on Nov. 30.
CFO Katrina Montgomery told the board that unaudited FY24–25 statements project a $79 million deficit. For FY25–26, Montgomery said the operating budget is roughly $992 million and estimated recapture at about $715 million. She explained the short-term cash stress stems from timing: changes tied to…
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