Members of the Autauga County Board of Education voted Loan for School
On Friday, to help fund operations for the remainder of the school system’s accounting year unanimously in favor of a proposal to borrow $1 million have voted by Members of the Autauga County Board of Education. The school system’s accounting will end Sept. 30. The impact of late-declared state proration made the loan a necessity, Greg Faulkner, Superintendent of Education told board members during the noon special-called meeting.
Faulkner will begin making arrangements for the release of the funds from a local bank where the school board has a $5 million line of credit after the board approved. Faulkner told “because of the effects of 3 percent proration cost us around $1.45 million from our budget at this time it will be necessary for us to borrow $1 million to help with payroll and other expenses.” “Maybe, maybe not,” Faulkner said when board member Eleanor Ballow of District 1 asked whether the $1 million loan would carry the system through until Sept. 30.
Faulkner told Jeffrey Keith, District 4 representative that it possibly could take “about a half million more, not less than that,” when he asked Faulkner how much money the “maybe not” represented. “We should be fine, if there is no more proration this year and our projections are correct, Jim Manderson school board chairman of District 2 said prior to the vote.