Oswego School Board Considers Issuing Tax Anticipation Warrants

The funding would be paid back after property taxes arrive in June.

Credit: File photo
Credit: File photo
At its March 10 meeting, the Community Unit School District 308 Board of Education discussed the possibility of issuing of Tax Anticipation Warrants (TAWs), in anticipation of tax collections levied for 2013.

The $10 million in warrants would cover the district’s cash-flow needs during the time of year when cash on hand is at its lowest.

In June the district will receive a large portion of its property taxes and pay back the TAWs in full. 

“This is something that is done every year in order to ensure that the district is operating with the proper cash flow” said Associate Superintendent Dr. Paul O’Malley. “It is a regular, normal occurrence for many school districts in order to ensure financial best practices.” 

District 308 receives lump-sum payments in June and September from local real estate taxes. General State Aid (GSA) payments, which are smaller than monies received from property taxes, are received in two equal payments each month. 


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »