The FeedEditionsJobsDonateJune Event
Philly Education News + Views Independent. Reader-Supported.
Menu
Menu
Philly Education News + Views
Independent. Reader-Supported

Corbett advances cash to Philly schools, but budget gap is unchanged

  • corbett 20presser
    Photo: Nathaniel Hamilton for NewsWorks

a

a

a

Gov. Corbett is authorizing a $265 million advance to the Philadelphia School District.

This is an early disbursement of money that the district was already scheduled to receive, and thus does not erase the district's $81 million budget gap.

Corbett, speaking at a press conference (see video) Wednesday at his southeastern regional office on South Broad Street, said his goal is to prevent further school layoffs and ensure that city schools open on time on Sept. 8.

"Financially this action will assist the district with their cash-flow needs in the short term," Corbett said. "[It will] reduce the amount that the district will have to borrow, and as a result save the district $4 million to $5 million in borrowing costs."

The District says it asked for this advance in June and has already included any borrowing-related savings in its budget.  (Most school districts routinely do short-term borrowing early in a school year to cover costs until tax revenues begin trickling in.)

Read the rest of this story at NewsWorks

 

Get the Notebook in your inbox

Notes from the news
Weekly newsletter
Promotions

Recent Articles

Gov. Wolf visits Philly to talk education funding, tout record Notes from the news - Sept. 23 Auditor finds conflicts in spending of cyber charter Notes from the news - Sept. 22 Phillies' visit to McKinley Elementary is a hit

Kevin McCorry

Kevin is WHYY/NewsWorks' senior education writer.

The 2016 Notebook Fall Guides are in! Contact the Notebook for bulk copies.

If you rely on the Notebook's Fall Guide, our print issues, and our 24/7 website, become a member today!

Donate