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With an annual payroll of some $600,000, Henryetta school system is the largest employer in the area. That expense, coupled with a delay in receiving ad valorem tax revenue forced school board members to look for help making sure checks don’t bounce.
At a special meeting Thursday, school board members approved obtaining an $860,000 line of credit for the remainder of the fiscal year.
“Due to all the cuts coming it has backed us into a corner,” said board president James Williams. “We have payroll going next week and we will need help making it.”
He said that same financial problem will extend into January, “unless we get our ad valorem taxes.”
The line of credit will be made available throughout the rest of the school year but Williams said the issue should be corrected in February. “We want to cover the remainder of the year just in case.”
Superintendent Dwayne Noble said the school would only be responsible for money actually used. “Whatever we don’t need, we will turn back in.” That line of credit will be available at a five percent interest rate for the school.
He went on to say that board members will be looking at a reduction in force in May. At the regular December meeting, board members will be discussing finances in depth.
Board members have already made a change on the payroll schedule that will start next August. Currently, school employees get paid on the 15th of each month. In August, the paychecks will be made available on the 30th day.
“Our state aid funding comes in about the 17th of each month,” Williams pointed out.
One of the factors affecting school funding in the number of students enrolled as of October 1. Noble pointed out that enrollment numbers have dropped since the advent of the COVID-19 pandemic. He said over 100 students have either moved to other schools or enrolled in charter schools. The school receives about $5,000 for each student.
“Even if those students return in January, we will still not be paid for them until two years from now,” he explained.