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Board authorizes short‑term TANs and advances budget first reading amid equity report work
Summary
Trustees approved authorization for up to $85 million in tax and revenue anticipation notes to manage short‑term cash flow and held a first reading of the 2010–11 recommended budget; staff also circulated an updated equity impact draft for community feedback.
The San Francisco Unified School District board on June 8 approved a resolution authorizing the issuance of up to $85 million in 2010 tax and revenue anticipation notes (TANs) to manage short‑term cash‑flow timing, particularly the November period before property tax receipts are posted.
District finance staff explained TANs are short‑term notes that bridge temporary shortfalls, usually in months preceding property‑tax payments. "It's a cash flow," one staff member told the board, noting that about 80–90% of the district’s revenue on a revenue‑limit basis comes from property taxes and that November is typically a short month for receipts.
The board also received a first reading of the superintendent’s recommended budget for fiscal year 2010–11 and scheduled a Committee of the Whole discussion for June 15. Deputy finance staff said they had prepared a more comprehensive draft of the equity impact report and invited feedback from commissioners and the public on the draft document. Community partners in the meeting urged the district to use the equity report as an accessible way to engage parents in budget choices.
The TANs resolution passed on roll call during the meeting (7 ayes recorded). The budget first reading does not itself adopt the budget; staff will bring detailed presentations to the Committee of the Whole and work with community partners on the equity impact analysis ahead of final adoption.
