School's ad valorem reimbursement fund coming up short

(Oklahoma City-AP) -- A special state tax fund set up to help school districts and other public entities is coming up short of projections. <br><br>The Ad Valorem Reimbursement Fund was created by the

Monday, February 10th 2003, 12:00 am

By: News On 6

(Oklahoma City-AP) -- A special state tax fund set up to help school districts and other public entities is coming up short of projections.

The Ad Valorem Reimbursement Fund was created by the Legislature in 1986 to lure business and help bolster the state's economy.

The fund is made up of one percent of corporate and personal income tax collected by the state.

But the state Tax Commission says the fund is projected to fall short by half this year.

That means 96 school districts in Oklahoma will lose about $15-million collectively in property tax money this year.

Projected claims for this year are estimated to be $50-million. But the Tax Commission estimates deposits to the fund will total $23.5-million because of sagging corporate and personal income tax collections.