Another tax loan
Taxpayers will once again have to pay to borrow money so Muncie Community Schools will have enough cash to operate.

At Associate Supt. Mark Burkhart's recommendation, the board voted unanimously Tuesday to seek bids for a tax anticipation loan of $7,425,000.

"The issue here is cash flow," Burkhart said, noting Delaware County failed to distribute the property taxes paid in November by Dec. 31.

He said there's no estimate of when those taxes might be paid. So in the meantime, the school corporation will seek bids and ultimately choose the one that offers the lowest interest rate.

Last spring's loan of nearly $8.3 million cost taxpayers more than $56,000 in interest.

By Joy Leiker, Star Press

jleiker@muncie.gannett.com

MUNCIE -- If your boss gave you a raise, would you give it back?

Muncie Community Schools is asking its 44 administrators to consider just that nine months after changing contracts and increasing the multiplying factor of how their salaries are calculated.
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