Youngstown schools final deficit is $15 million

YOUNGSTOWN — The good news for the Youngstown City School District is that the final number for its 2006-2007 budget deficit is $1.4 million less than last estimated.

The bad news is, its still $15 million. That’s the official number certified this morning by the Ohio Auditor of State.

The board of education, meeting in special session, immediately passed a resolution asking the state for an interest-free solvency assistance loan in that same amount.

Solvency assistance isn’t a true loan, but an advance on future state educational subsidy money. The state will take the money back through monthly deductions in subsidy payments over the next two years.