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Brandywine finance chief: delayed county tax receipts squeeze November cash flow; state loan used to cover charter payments
Summary
The district's November monthly financial report showed delayed tax collections (38.7% of local funds received versus 95.9% at the same time last year), a drop of 12 state units, and use of a state interest-free loan to cover charter payments; the board approved the report subject to audit.
Mister McCoy presented the districtNovember financial report and warned that delayed county tax receipts reduced local revenues for the month, creating a negative cash-flow picture without the state's loan.
"If we didn't have the state loan, we would, run out of funds," said Mister McCoy, explaining the district used a state-provided interest-free advance to make charter payments and preserve district cash balances.
McCoy said the district had received 38.7% of local funds compared with 95.9% at the same time last year and expected county quarterly adjustments in January to materially change revenue figures. He also reported that the district's unit count decreased by 12 compared with the prior year and that summer school was over budget after a one-time $200,000 literacy grant did not reoccur.
The board voted to approve the November financial report, subject to audit. Members asked staff to consider adding transparent footnotes that explain how the state's advances were used and how those advances will be repaid.
