The $5 million tax-anticipation note that the Seneca Valley School Board approved on June 20 by a split vote might be looked upon by some taxpayers as a harbinger of terrible financial things to come.

But, actually, such notes have been relatively common for decades.

Many municipalities and school districts with limited reserve funds on hand oftentimes turn to these financial vehicles to provide needed funds until local tax revenues begin to arrive.

In the past, Seneca Valley has had the good fortune of having enough reserve money in the bank to keep it from having to obtain such a note and pay interest tied to the borrowed money.

But as Lynn Burtner, the district’s business manager, reported to the school board, this year the district has only enough money in the reserve fund to cover a month’s worth of anticipated bills, while the district needs about two months’ worth of revenue until tax money begins arriving in August.

Burtner said the district will be permitted to draw money in $500,000 increments, so it’s possible that the district might not have to borrow the entire $5 million authorized by the board’s action.

There’s also the possibility that the district might not need any of the authorized amount, if tax revenues, funds from delinquent collections and state reimbursement funds arrive in a timely way, she said.

Eric DiTullio, one of the two board members who voted against the tax-anticipation measure, expressed displeasure about the lack of discussion regarding the note during preparation of the district’s 2011-12 budget.

His expressed concern on June 20 was reasonable. Budget discussions should encompass all aspects of the district’s financial operation.

However, DiTullio’s concern that “we’re going to run into the same problem next year” projects an ominous message that seems unjustified at this point.

Still, the need for new interest payments that weren’t previously necessary is something school districts and municipalities would prefer to avoid.

Actually, the need for the tax-anticipation note this year is a product of the board’s efforts to hold down tax increases during the past two fiscal calendars. During the past two years, the board used reserve money to help balance the district’s books, making smaller the amount of reserve money available for the coming budget year, which begins July 1.

So while the tax-anticipation vote might have been troubling to not only some board members but also some taxpayers, it won’t badly impact district finances and it might not impact those finances at all, if the right circumstances, as noted by Burtner, fall into place.

Like some municipalities and school systems routinely do, Seneca Valley will merely join those who are thankful that they have this money option available. Opting for this borrowing mechanism doesn’t reflect badly on the school board or district.