Brookhaven school district borrows money to balance budget
Jul. 28, 2018
BROOKHAVEN, Miss. (AP) — A school district in Mississippi is borrowing money to make up for a shortfall in local tax collections.
Bob Allen is board attorney for the Brookhaven School District. He told trustees last week that the city of Brookhaven hasn't collected the full amount of money requested by the school district — about $9 million.
The Daily Leader reports that the district will need to borrow the shortfall amount of $650,000 to balance the budget.
Allen says this happens almost every year because the school district and the city have different budget cycles.
Allen says when the property taxes are collected, the city will be able to provide the requested money to the school district. In the meantime, the loan will cover the difference.
Information from: The Daily Leader, http://www.dailyleader.com