The School Board of Lee County will vote next Tuesday on whether to obtain a tax anticipation note of not to exceed $250 million to be repaid through property tax funds when received.

Chief Financial Officer Dr. Ami Desamours said the property appraiser certifies the tax roll, which as of Wednesday, she said has been done.

“To my knowledge the tax collector sends out the bill. That is the portion that to my knowledge at this point has not happened,” she said.

According to the district’s agenda review, its “operating expenditures will likely exceed cash flow by November 2022,” which is why the agenda item for the advance on revenues loan will come before the board to vote on Nov. 22.

Before all chaos broke loose, she said, the amount of property tax revenue was $521 million in the general fund and $192 in the capital fund.

Desamours said $250 million is half of that.

“Regardless of what happens in the future we don’t anticipate we are going to be out more than half of what our anticipated property tax was. Part of the balance is determining the need of the amount to borrow and the safe amount to borrow,” she said. “The budget we originally anticipated may not be what it is, so we have to make sure we are adjusting our plan for the future, so that we come into alignment for whatever it is going to be at the end of the day.”

The repayment schedule would be on, or before, June 30, 2023, with an amount not to exceed $250,000,000. There is a minimum of $100,000 maximum withdrawal and two withdrawals per month.

“We anticipate having the money come in to pay back by June,” Desamours said. “We will withdraw as necessary. If some great things happen and we get property tax collections in December, there will be zero withdrawals made.”

Deputy Superintendent Dr. Jennifer Cupid-McCoy said the district pays $60 million a month in payroll and anywhere between $16 million to $48 million a month in accounts payable expenses.

The need is for operational expenditures.

“Whether we draw down or not is based on what cash flow looks like in that point in time. Typically we would have cash in the bank based on property tax collections we would be receiving,” Desamours said. “Absent tax collections, cash is absent. (We) track our cash flows to the budget and determine based on the inflows and outflows are we sufficient with cash. Are the checks going to clear? Rule No. 1: No checks bounce.”