SHARON SCHOOLS District borrows additional $1 million

The district is prepared to borrow up to $4.5 million to keep its doors open.
SHARON, Pa. -- The Sharon City School District had to borrow an additional $1 million to meet its December payrolls.
The board has now gone into debt to the tune of $2.2 million to cover expenses because the state has failed to finalize a state budget that should have been in place by June 30.
The board voted in October to borrow up to $4.5 million, if necessary, to keep its doors open.
The district borrowed $1.2 million in November to meet payroll and pay bills, and James Wolf, district business manager, told the board Monday that the district borrowed an additional $1 million this month.
At this rate, Sharon will borrow the full $4.5 million by February and still run out of money by the middle of that month, he said.
Sharon is borrowing the money from First National Bank of Pennsylvania at 3.35 percent interest in a tax revenue anticipation note.
The state has failed to make $1.6 million subsidy payments for August, October and this month.
Wolf also told the board that Sharon has lost about $30,000 in interest earnings and additional costs to borrow money to keep school in session.
Creation of position
In other business, the board voted to create a full-time security/custodial position so that a district staff person can be on hand to make sure that buildings are prepared to host events such as basketball games and other sporting events as well as activities making use of the cafeteria areas.
The decision splits a position of kitchen/custodial/security into two jobs, and the district will advertise to fill the kitchen/custodial portion of that position.
Duane Patterson, who held the triple-assignment job, was transferred into the new security/custodial job.