APS Board of Ed Authorizes Borrowing Tax Anticipated Notes to Address Cash Flow

The Auburn Public Schools (APS) Board of Education Monday, Dec. 10, authorized Superintendent Kevin Reiman to borrow funds not to exceed $500,000.

The money will be in tax anticipated notes. It will address a district cash flow issue, the superintendent noted.

Reiman states the Nebraska Department of Education (NDE) has regulations regarding reimbursement of grants. The district has to spend grant money before being paid back by the state, he said.

“It’s not a budget issue. We’re severely behind in reimbursement (from NDE). We have about $340,000 expended. December typically is a low general fund balance month because of the way receipts come in. We ended up with a three week time frame of having a cash flow issue. We may need to borrow money to cover our expenses. By Jan. 8, tax receipts will be coming in. We’ll be fine,” Reiman stated.

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