State controlling board approves funding for McDonald schools' deficit

COLUMBUS — A state lawmaker panel has approved a $2 million-plus loan to a Trumbull County school district placed in fiscal emergency late last week.

McDonald School District will have to pay back the advance within the next two fiscal years.

The state auditor’s office recently reviewed the district’s financial records and determined it was about $2 million short for covering costs through June 2010.

The state loan will cover the projected deficit. The district will have to cut costs or pass a levy to bring in more funds in order to pay back the loan and eliminate future budget deficits. It has a 4.9-mill emergency five-year operating levy on the November ballot, which would generate about $260,000 annually.

For the complete story, see Tuesday's Vindicator and Vindy.com