Illinois Districts Using Red Ink To Pen Budgets
A few months ago, a seasoned financial consultant in suburban Chicago pored over the budget books of a debt-ridden school district nearby, calculating its salaries, other expenses, short-term cash flow, and long-term debt. It didn't take long before he realized the district had a big problem.
"I've never seen a district this poor in my life," Robert Grossi recalled thinking after reviewing the numbers for Hazel Crest School District 1521/2.
What emerged from the jumble of financial data was a district in need of $5 million to keep its doors open through the end of the school year, and lacking enough money to pay...
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