Schools owed at least $1.4M in taxes

School system owed a bunch of coin.

Drink up, fellas, cause the school system needs the money. Heh.

Check it out:

Knox County and Farragut officials plan to meet next week to figure out just how much the two governments owe the Knox County school system from revenues connected to the local mixed-drink tax that were never turned over.

At this point, the county more than likely owes as much as $350,000, and Farragut is probably on the hook for at least $1.1 million dating back to 1999.

Knox County Finance Director Chris Caldwell said the matter was initially brought to his attention a couple of weeks ago after officials received an email from the Tennessee Governmental Finance Officers Association.

"They said 'by the way, are your cities paying this to your schools?'" Caldwell said. "We looked at it and then met with our auditors and realized we weren't. But, it's not just us, though, it's a statewide issue and the TGFO just made everyone aware of it. It's really an obscure tax that you don't always think about."

The City of Knoxville is up-to-date on its payments, Caldwell said.

For more details, click right smack here, and check out tonight's 10 and 11 shows on WBIR Channel 10.