Please join us in a virtual lobby day focused on S.7524/A.8539. This bill would allow school districts to borrow money from certain reserve funds (including the workers compensation reserve, unemployment insurance reserve, repair reserve, insurance reserve fund, property loss reserve,  and reserve for tax reduction) for the purpose of reducing the need to issue tax anticipation notes (TANs). TANs are a form of financing wherein a school district will issue short-term bonds or notes in anticipation of tax revenue not yet received. This is done in order to act as a budgetary stopgap over a period of a few months when taxes are received in installments. This bill would give districts much needed budget flexibility and avoid the need to issue costlier new debt financing in the form of TANs through this modest, temporary borrowing from schools' own reserve funds and repayment in the same year.