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Schley County officials discuss Tax Anticipation Note after revenue falls short
Summary
County Manager Douglas Jamieson told commissioners March 11 that Schley County is running low on funds and asked to begin the process for a Tax Anticipation Note; commissioners discussed short-term internal borrowing, delaying a TAN until late April or early May, and longer-term loan options.
The Schley County Board of Commissioners on March 11 discussed starting the process for a Tax Anticipation Note after County Manager Douglas Jamieson reported the county is running low on funds.
Jamieson said administration cash flow is strained and requested permission to begin the TAN process. Commissioner Barineau said collections are “off by 30%,” and argued that with lower-than-expected collections, expenditures must be reduced. Commissioner Harrison said there remains revenue that could be collected but agreed the county likely will not reach its estimated revenue by year-end.
Commissioners discussed short-term internal borrowing to cover immediate needs and pushing a formal TAN issuance to late April or early May. Board members also discussed longer-term loan options; Jamieson told the board the millage rate will need to rise to address the structural deficit if additional revenue sources are not identified.
No formal motion to issue a TAN was recorded in the meeting minutes; the record shows only discussion of options and a suggestion to defer any external borrowing until later in the spring. The administration indicated it will pursue short-term internal borrowing as an interim measure and return to the board with a recommendation on external financing if needed.
