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McGuffey board adopts $7 million tax‑anticipation note as state delays education funding
Summary
Facing delayed state education subsidies, McGuffey School Board adopted Resolution No. 2025202601 to secure a $7,000,000 tax‑anticipation note with Community Bank to bridge cashflow while the Pennsylvania budget remains unsettled.
The McGuffey School Board on Tuesday adopted a resolution authorizing the business administrator to secure a $7,000,000 tax‑anticipation note to cover district cashflow while the Pennsylvania state budget and related education subsidies remain unreleased.
Charlene Hoverchock, the district business administrator, told the committee the district ended fiscal year 2024‑25 with $37,300,000 in revenue and $35,600,000 in expenditures, leaving a net positive balance of $1,700,000. She said those reserves have already been used to bridge early fiscal‑year costs because the state has not released basic education, special education or transportation…
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