Peter, meet Paul.
This is just one example in one of Tennessee's ninety-three counties, and this one probably is faring better than most.
The county promised the schools some 19 million through the fiscal year, ending June 30. Some 12 million has been paid. But revenues are down to 2003 levels, and the county finishes collecting property tax revenues by the middle of March. They can't fork over money they don't have. They can't print it or borrow it like the federal government can.
That little cliff-diving red line on the sidebar chart represents sales tax revenue for 09-10.
In economist's parlance: 'Ruh-roh!'
In the meantime, more families are pulling out into home-schooling, and a private church-based academy is opening its doors. The bump of cash from all that 'stimulus' money will run out soon. The day of reckoning is at hand.
Ruh-roh...
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