School districts owed $251.8 billion at the end of fiscal 2003, according to a recent report from the U.S. Census Bureau.
During that fiscal year, districts issued $48.1 billion in long-term debt and paid off $26 billion in existing debt. They spent $50.5 billion on capital outlays during that time, about 11 percent of the $453.6 billion spent in America’s K-12 public schools.
Vol. 24, Issue 30, Page 10