Brookhaven School District to borrow shortfall amount
The Brookhaven School District is projecting a nearly $650,000 ad valorem shortfall and will borrow the money to be paid over three years to cover it.
Board attorney Bob Allen told the Brookhaven Board of Trustees Tuesday the city hasn’t collect the amount of ad valorem taxes requested by the board — about $9 million — so the district will need to borrow the shortfall amount to balance the budget.
“This happens about every year,” Allen said.
The problem comes because the school district budget cycle doesn’t match the city’s.
Allen said when the ad valorem taxes are collected by the city, they’ll be able to provide the requested funds to the school district.
In the meantime, the loan will cover the difference, he said.
In other business Tuesday, the board agreed to purchase a piece of property at 324 East Congress St., which is located by King Field and the Brookhaven Technical Center.
The house and lot is surrounded on three sides by district property.
The property appraised for $40,000.
The district has negotiated for the purchase. The district will buy the property for $47,000.
“We’ve gotten to a price we think we can work with,” Superintendent Ray Carlock said.