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Kiski Area SD warns state budget impasse could shave $12.3M from district revenue; board weighing short-term borrowing
Summary
District finance staff reported a projected $12.3 million shortfall if a Pennsylvania state budget is not passed, outlined cash balances and mandatory payments, and said the administration is exploring a line of credit and other short-term borrowing to manage cash flow.
Rick, the district finance representative, told the board that an unsettled state budget could significantly reduce the district's state subsidy. "So as of right now, if this was a normal year, we would have received about $12,300,000 of state funding," he said, describing the figure as the district's expected state revenue loss if the budget is not finalized.
Rick gave a snapshot of cash on hand: approximately $15,958,000 in the general fund and roughly $1.9 million in outstanding deposits that would bring the…
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