Jersey Shore Area School District cites state budget impasse, will explore TRAN to cover shortfall

At its meeting, the Jersey Shore Area School District board heard that the state budget impasse has reduced expected revenues and that district staff will seek authorization to work with PFM to explore a tax and revenue anticipation note, or TRAN, as a contingency to cover cash shortfalls. The recommendation to begin paperwork would be brought back for board approval; officials said the district would not incur costs unless it draws on the instrument.

Dr. Alma, a district official, told the board it should not assume the district was in poor shape: "we are not in a bad financial position. We do have fund balance, and we're using that fund balance eventually as we get to the point where we need additional funds for our regular bills." The board was…