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Mechanicsburg superintendent warns district may need short-term borrowing if state funds delay continues
Summary
Superintendent Dr. Bit told the Mechanicsburg Area School District board that while the district can operate through about March, a continued delay in state payments — about $7.5 million not yet received — could force borrowing with unrecoverable issuance and interest costs.
Superintendent Dr. Bit told the Mechanicsburg Area School District Board of Directors on Nov. 11 that the district’s finances could become “extremely tight” if delayed state funding does not arrive by late winter.
Dr. Bit said preliminary reports indicate the state budget settlement is roughly $50.1 billion and that the district has not yet received about $7.5 million of expected state revenue for this school year. Based on average monthly expenditures, administrators estimate the district can operate without borrowing until about March; by then the district’s rolling cash position could fall…
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