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Greendale School Board authorizes up to $2.5 million in temporary borrowing
Summary
The Greendale School District Board unanimously approved a resolution to authorize temporary borrowing of up to $2.5 million through participation in a pooled PMA tax- and revenue-anticipation promissory note program to address first-half cash-flow timing and a depleted fund balance.
The Greendale School District Board of Education unanimously approved a resolution authorizing temporary borrowing of up to $2,500,000 and participation in a pooled tax- and revenue-anticipation promissory notes program managed through PMA Financial.
Jonathan Mitchell, who presented the district's financial case, said: "So as discussed in the budget hearing, we project the need for authorization up to $2,500,000." He told the board the district's fund balance has fallen to roughly $5,400,000, which put it just below the board's…
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