City school board pays off its loan

Thanks to a seasonal influx of property tax revenue, the Commerce Board of Education paid off its bank loan and is operating in the black.

The board reported a positive net fund equity balance Monday, Jan. 14.

The current equity of 369,846 is in sharp contrast to the minus-$1,459,217 posted at the end of November.

The school system has received $5,869,401 in revenue (54.01 percent of that projected on the 2012-13 budget), which was a vast increase from the 28.54 percent ($3,101,299) collected at the end of November when property taxes were just trickling in.

Thus far, the school system has received $2,385,260 in taxes. The board also saw an increase in revenue from state sources.

“Tax collections have been very good for us,” said superintendent James “Mac” McCoy. “We are far from being out of the woods, but we are in the positive right now.”