These are some of Dr. Lynda Andre's comments at the Edwardsville School Board meeting on Monday night.
"The board approved a resolution to issue up to $2 million in Tax Anticipation Warrants for the Education Fund with The Bank of Edwardsville in anticipation of the collection of taxes levied for the 2017 year (2018-2019 school year) for educational purposes.
?The administration has been reviewing its year-end financial status including current cash on hand and projected receipts/expenditures for the next several months. Given the District’s projected 2017-2018 year-end negative fund balance in the Education Fund of over $6.5 million and the delay in state categorical and grant payments, it is possible that the District will need to issue Tax Anticipation Warrants for the Education Fund to finish the month of May.
?The final amount of Tax Anticipation Warrants expected to be requested for the Education Fund will be dependent upon whether or not expected payments from the State are further delayed and the timing of early tax collections the District receives in June for the 2018-2019 school year.
?The District is currently estimating that it will have to issue $1 million in Tax Anticipation Warrants for the Education Fund to finish the 2017-2018 school year. However, the Board is authorizing issuance of up to $2 million in warrants for the Education Fund to protect against further state payment delays and the timing of early tax collections.
?The Tax Anticipation Warrants would be utilized only if the District should fall short of meeting its obligations during May, June, July, or August while waiting on property tax collections.
The Tax Anticipation Warrants would be in place for a maximum period of one year. Board Approves Resolution to Issue Up to $2 Million in Tax Anticipation Warrants for the Transportation Fund?. The board approved a resolution to issue up to $2 million in Tax Anticipation Warrants for the Transportation Fund with The Bank of Edwardsville in anticipation of the collection of taxes levied for the 2017 year (2018-2019 school year) for transportation purposes.
As of April 18, 2018, the total backlog of all State bills is over $8.8 billion. District 7 expects to receive only one more quarterly mandated categorical payment (December 2017) prior to the end of the 2017-2018 school year."
District 7 Lunch Debt Solutions Trivia Night
"District 7 has been privileged to be the recipient of donations from so many community organizations this year. Local groups such as the Edwardsville Chapter of the NAACP, the Lincoln School Alumni Foundation, the St. Cecelia’s Knights of Columbus, and local law enforcement agencies, to name a few, have been recognized by the Board of Education for their generosity and support of District 7 students."
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