Schools Superintendent Bill Sroufe said on Sept. 25, Patrick County Treasurer Sandra Stone notified his staff the county had the funds to meet the September payroll, but may run $11,000 low on funds to pay other bills.
As a result, school officials pulled two utility bills from the September bill packet and deferred payment on those bills until October, Sroufe said.
The Patrick County Supervisors voted Sept. 10 to pursue a Revenue Anticipation Note because the county’s expenses are exceeding the revenue on hand. If approved, the county will the borrow funds and then repay the note with incoming tax revenue.
The county approved giving the school division $5.1 million in the current fiscal year. The county also is paying the division’s debt service, Sroufe said, adding that the school division had not drawn down any local funds until September, but has used state and federal funds to cover its expenses.
“The next three months concern me,” Sroufe said, adding that last year, the school division drew down $3.4 million between October and December, including $800,000 in October, $1 million in November and $1.6 million in December. The payroll generally is…