News in Brief
Troubled Phila. District Borrows for Expenses
Philadelphia's financially struggling public school system is borrowing $300 million to pay for expenses through the end of the school year.
The Philadelphia School Reform Commission said last week the bond sale was a necessary but expensive way for the district to meet its financial obligations as it works on a plan to close about 40 schools and cut labor costs in its $2.5 billion budget.
The Philadelphia Inquirer reports school officials found investors receptive to the borrowing, in part because of a new five-year plan and a state program guaranteeing creditors would be paid through state aid funds if the district doesn't meet its obligations.
Vol. 32, Issue 12, Page 5
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- Senior Associate
- Great Schools Partnership, Portland, ME
- High School Director at KIPP Delta Public Schools
- On-Ramps, Blytheville, AR
- Claypit Hill Elementary School, Wayland, MA
- Program Officer, Teacher Development
- Knowles Science Teaching Foundation, Moorestown, NJ
- Executive Director, Human Resource Services (Data Analysis and Strategic Alignment)
- Duval County Public Schools, Multiple Locations