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Shelby County finance chief seeks $43 million interim note as property-tax receipts lag
Summary
Facing a fall cash shortfall, the county administration requested authorization for an interfund tax-anticipation note up to $43 million to cover payroll and early-year obligations; trustees and commissioners asked for a detailed repayment plan and a breakdown of budgeted versus unbudgeted costs before full-Board action.
The county's administration asked the Budget & Finance Committee to approve an interfund tax-anticipation note (TAN) up to $43 million to provide interim liquidity while property-tax receipts, typically concentrated in December and February, arrive.
Deputy director Danielle Schombaugh told commissioners the general fund is operating with lower-than-normal cash and a negative cash position at the end of September; the administration estimated rough monthly payroll and expense needs that could leave the county short in November without interim…
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