The Commerce Board of Education reported seeing its first signs of revenue from local property taxes at last Monday’s regular scheduled meeting.
Commerce school system financial director Ann Stokey reported that the school system recently received $160,000 in tax revenue.
“That’s not bad for a tax bill that has just went out,” added Stokey.
The school system expects to receive a check every two weeks from this point onward, until all property taxes for the city are paid in December.
Superintendent James ‘Mac’ McCoy explained that the school system hopes to reach a projected balance of $55,677 by the end of the year.
“Taking into account coming out of the hole $115,000 – we have whittled and cut everything that we can, we raised the millage,” said McCoy. “Looking at the FTE and the numbers we projected, we should come out that way.”
McCoy did express some concern over how the passage of Amendment One will affect the schools budget.
“A lot of people are a lot more optimistic about it than I am,” said McCoy. “But we’ll keep our fingers crossed.”