NewsEducation / September 14, 2018

Cash-Strapped Gary Schools Seeks $3M For Payroll Expenses

The Indiana Distressed Unit Appeals Board unanimously recommended Thursday that the Gary Community School Corp. receive the state loan.Gary Community Schools, Indiana Distressed Unit Appeals Board, school financial management2018-09-14T00:00:00-04:00
Cash-Strapped Gary Schools Seeks $3M For Payroll Expenses

FILE: A yard sign to promote Gary Public School Corporation at the district office.

Eric Weddle/WFYI, File

GARY, Ind. (AP) — Gary's cash-strapped school district has won preliminary approval to borrow $3.3 million to cover its employee payroll expenses this fall.

The Indiana Distressed Unit Appeals Board unanimously recommended Thursday that the Gary Community School Corp. receive the state loan to cover employee payroll expenses for October and November.

The (Northwest Indiana) Times reports the State Board of Finance will now decide Tuesday whether to finalize the 10-year, zero-interest loan.

The loan request is the first since April by the northwestern Indiana school district, which is overseen by a state-appointed emergency manager.

Before the emergency manager was appointed last year to replace the elected school trustees, the district was borrowing from the state nearly every month to meet its expenses in the face of declining student enrollment and property tax revenue.

 

 

Related News

Contract OK'd To Repair Historic Indiana Fieldhouse
Few School Districts Applying For Safety Loans Through New State Program
Jay Co. School Board Likely To Authorize Access To Guns For Some Staff