Posted on 09/28/2015 1:57:02 PM PDT by 2ndDivisionVet
Pennsylvania schools have a new source of disparity: A state budget impasse that has driven some districts to borrow while others expect no problems for months.
School districts missed more than $1 billion in payments in August and expected to miss another $700 million in September, according to estimates by the Pennsylvania Association of School Business Officials.
How the state’s 500 school districts are absorbing the loss depends on their reliance on local resources and existing budget reserves.
“I believe firmly 10 percent of the districts have had to go borrow,” said Jay Himes, executive director of the association. “Some districts, the ‘have’ districts, probably can ride this out for an extended period of time, but every month we’ll pick up a segment of districts that didn’t or can’t.”
Locally, the Sto-Rox school board took out a $7.3 million line of credit earlier in the summer, and that, coupled with the district’s tax revenue, will carry it until the end of the year, said superintendent Terry DeCarbo. The board of the Clairton School District has taken out a tax anticipation note, and other arrangements will have to be made “very shortly,” according to spokeswoman Alexis Trubiani.
“We only took out so much, and now we are getting further in,” Ms. Trubiani said. “So we are going to need to make more arrangements for our day-to-day operations.
“Like with every other school district, this is a hot topic right now, and I wish I could see an end in sight,” she said. “And the big question is who is going to pay the interest on the loans.”(continued)
(Excerpt) Read more at post-gazette.com ...
Pennsylvania is a socialist cesspool. It will take several generations to just begin to flush it.
Don’t flush it. Abandon it. North East is gone.cant wait to get out of Jersey
Come here.
NE, of course, is lost but when the SHTF the urban zombies probably won't make it past the suburbs, let alone make it out here to the country.
Who is going to pay interest on the loans? Well we taxpayers ultimately pay. But these school districts will have to add a line item in their budgets for interest expense.
I am getting there as fast as I can!
Jersey is wrecked by Newark and Camden.
“Jersey is wrecked by Newark and Camden.”...and Christie.
The “T” is fairly conservative but I don’t trust people east of the Blue Ridge.
PA Farm Show is an example. I love it but have to shower after.
The Lehigh Valley is thoroughly Jerseyize by escapees that thought property taxes were too low here in PA.
The Lehigh Valley is thoroughly Jerseyize by escapees that thought property taxes were too low here in PA.
Christie is the best we are going to get. Sad, but true. He’s not that bad compared to the last 5 governors
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