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School board approves MOA with borough; rejects motion to switch to borough's 3-year repayment plan
Summary
The Ketchikan Gateway Borough School District board approved a memorandum of agreement with the borough to address sequestered funds and preserve monthly cash flow, while declining to rescind its prior repayment proposal; DEED has rejected the district's FY26 budget and warned foundation payments could be withheld absent action by March 6.
The Ketchikan Gateway Borough School District board on Feb. 28 approved a memorandum of agreement (MOA) with the Ketchikan Gateway Borough intended to convert sequestered funds into a longer-term repayment arrangement and lay out compliance provisions for distributing future funds. The board approved the MOA on a 6-0 roll call.
The MOA outlines how previously sequestered district funds will be parceled across payments and describes compliance language that could allow the borough to withhold portions of discretionary local contributions if conditions are not met. Lisa Pierce, the district's business manager, told the board the state Department of Education rejected the district's FY26 budget after the audit reflected a negative fund balance of about $3.8 million (inclusive of a $5.4…
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