Stephens Co. BOE Pays off Tax Anticipation Notes

The Stephens County Board of Education receives some positive financial news.

At a work session on Thursday, Stephens County School Superintendent Bryan Dorsey told the Board of Education that the school system currently has an excess of revenue over expenditures of just over $3.1 million, putting the system into the black.

Dorsey said that the numbers also show that the school system does not owe any tax anticipation notes.

“This shows where we have paid off the little bit of TAN’s that we had earlier in the year, so all that is brought up to date and we are certainly sitting much stronger,” said Dorsey.

The school system has been using tax anticipation notes for years to borrow money for school system operations until tax revenues came in, then paying the loans back by December 31.

This year’s TAN’s were paid off more than a month early and Dorsey said he is hopeful that the school system will not even have to use them at all next year.

“Right now, if we stay on the track that we are at, I do not see us requiring any TAN’s for next year even if we were to go back and all the days back into the budget,” said Dorsey. “We would have to have a surprise.”

Dorsey did say there is always something that might change that situation.

Dorsey credited the work and commitment of the staff and the community for getting the school system to this stronger financial position.

“I can tell you I have been nothing but surprised and impressed about how diligent everybody has worked to make this an outcome that is so positive for our school system, for our kids, for our community and I am just proud of all the work that went into getting us all over that hurdle,” said Dorsey. “I feel like we are well on our way. I do not want to sound like we have solved everything, like we do not have some serious challenges ahead of us with things like facilities and all, but we have certainly proven that we are able to conquer what we set our minds to and we will continue to move forward on that.”

While things are better, Dorsey said there is still a lot of work to do.

That sentiment was echoed by Stephens County Board of Education Chairman Tony Crunkleton.

“It certainly looks good, but as you said, we still have to remember that the employees are taking eight furlough days and our property tax rate is at 19.75,” said Crunkleton to Dorsey.

Dorsey also reported to the Board of Education on Thursday that E-SPLOST collections are coming in right on target.