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Board authorizes up to $3 million Tax Anticipation Note ahead of tax receipts
Summary
Shelter Island board unanimously adopted a resolution authorizing the issuance of up to $3,000,000 in Tax Anticipation Notes for fiscal year ending June 30, 2027, to manage cashflow ahead of tax collections.
As part of the finance consent agenda the Shelter Island Union Free School District board unanimously adopted a Tax Anticipation Note (TAN) resolution authorizing issuance of notes "not to exceed $3,000,000" in anticipation of tax receipts for the fiscal year ending June 30, 2027. The motion passed as part of the finance package presented by the superintendent and moved by Margaret Colligan.
The TAN authorization is a short-term cash-management measure districts commonly use to cover operating costs until property-tax receipts arrive. The board accepted financial reports, journal entries and budget transfers in the same consent block; the TAN resolution was recorded as adopted and the motion carried unanimously.
