Late tax

notices have forced the Fayette County Board of Education

to borrow $4 million to meet the November payroll and

other expenses. Monday night, the board agreed to borrow

$4 million at 5.55 percent interest and pay it back by

Dec. 31.

"Due

to reassessments and appeals, tax notes went out

later," Jim Stephens, school district finance

director said. "It's just a timing thing."

"We

are in budget everywhere else at this time," he

noted.

Based on a

$114 million budget, Stephens said the district spends

$9.5 million a month. "$8.8 million is drawn down

from the general fund balance and we get $5.5 million

from the state. "We need a draw of about $4 million

to meet bills and payroll in November." Stephens

said.

Tax bills

are due in December and according to Stephens,

"There will be a heavy volume of tax revenues coming

in."

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