Wednesday, January 21, 2009
YOUNGSTOWN — Some city school board members are less than enthusiastic about a plan for the district to borrow $5.2 million from itself to help make ends meet this year.
William Johnson, district treasurer, presented the board’s finance committee with a proposal to borrow the money from the district’s bond fund to help balance its general fund, which is expected to run a deficit of about $8.7 million.
The bond fund money is only available temporarily, and the loan would have to be repaid over a four-year period.
The amount is equal to one year’s worth of revenue from a new 9.5-mill, four-year emergency levy approved by voters in November.
For the complete story, see Thursday’s Vindicator and Vindy.com