Assembly frames repayment plan after audit finds $5.4M central‑treasury shortfall tied to school district
Following presentation of a $5.4 million central‑treasury payable tied to the Ketchikan Gateway Borough School District, the Assembly directed staff to assume repayment and to assess interest consistent with borough service‑district practice; it asked staff to prepare an LEF appropriation ordinance reflecting a multi‑year repayment (Assembly supported a three‑year schedule).
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The Assembly spent extensive time on Jan. 23 examining a $5.4 million central‑treasury payable the borough identified during an audit of the Ketchikan Gateway Borough School District. Managers and finance staff told the Assembly the payable represents advances drawn against future state disbursements and that converting the amount into a structured loan would be preferable to writing it off.
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