BROOKHAVEN, Mississippi — The Brookhaven School District is borrowing $255,000 to address a budget shortfall.
Superintendent Ben Cox tells The Daily Leader (http://bit.ly/1fF639j ) that property tax collections have not kept up with expenses. The funds will be repaid over three years.
Cox says last year tax collections were short of what they requested by about $212,000. He says the school district absorbed the shortfall.
This year Cox says without the loan, the school system would dig into its reserves. He says the district will have to seek a tax increase if the pattern continues.
The board this week approved a $29 million budget for the next school year. The highlights of the budget include an additional $445,000 in funding for pay raises for teachers and support staff.
Information from: The Daily Leader, http://www.dailyleader.com