Acting Superintendent Dr. Kent Edwards told the Carrollton City Schools board of education that the system is right on track with special purpose local option sales tax revenue in this third SPLOST.

“Obviously with the economy, there was a concern there that sales would be down, and they slowly regressed,” Edwards said. “In April, the revenue was back up to near average of what we needed to have, that we had calculated the initial projections of the SPLOST revenue.”

The system made its first bond payment of $3.1 million on April 1, and as long as revenue remains close to the average of the last three months, about $270,000 a month, the system will be able to make its remaining payments with no problems, Edwards said.

The system had projected no growth in revenue when it planned the projects and borrowed funds for this SPLOST, which began on Jan. 1, 2008. That has given it some breathing room as the economy became distressed.

SPLOST revenue is used by many agencies including municipalities, counties and school systems to finance capital projects. The economy was growing while the planning for this latest SPLOST was occurring, so some did count on revenue growth. Those that figured on an increase in revenue are having to make decisions to forgo projects or possibly to raise funds by levying an additional millage rate to replace the lost revenue. The Carrollton City Schools does not have to consider either option at this point, Edwards said.

The school system used SPLOST funds to do major restorations and an expansion of Grisham Stadium. It is now in the process of building a fine arts center with the remaining bond funds.

The construction of the fine arts center is on schedule and slightly under budget, another factor that may help the system weather the down economy.

“Everyone keep their fingers crossed and hope the economy rebounds,” he said. “We’re right where we want to be.”