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Sachem Board Approves Budget Transfers; Finance Staff Explains Tax Anticipation Note Use
Summary
The Board approved budget transfers over $2,000 and heard a detailed explanation of the district's use of Tax Anticipation Notes (TANs) for cash flow; finance staff said the district issued about $7 million more TANs this year to avoid interfund borrowing and to lock in favorable interest rates.
The Sachem Central School District Board approved budget transfers greater than $2,000 as part of routine mid-year budget adjustments. Finance staff explained the district's annual practice of issuing a Tax Anticipation Note (TAN) to finance operations from July through December until state aid and property tax revenue arrive.
District financ…
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