TPSD doesn’t anticipate borrowing before taxes

By NEMS Daily Journal

TUPELO – The director of finance for Tupelo Schools does not expect that the district will need to borrow money as it awaits local tax revenue.
Linda Pannell said at Tuesday’s school board meeting that the district will have enough in its fund balance to pay its bills until it begins to receive local money. That money generally arrives in late January, February and March, as people pay property taxes.
The district has had to borrow money in January during the last two years after mid-year cuts in state funding shrank its fund balance. The state has not made any mid-year cuts to school funding this year.