The Press Newspaper
The administration of Lake Local Schools is borrowing $500,000 to address temporary cash flow shortfalls.
The board of education scheduled a special meeting for Dec. 14 to authorize treasurer Jeff Carpenter to borrow the money in anticipation of future tax receipts to meet current cash flow needs.
Carpenter said a combination of state and federal funding cuts as well as a double-digit drop in local property valuations were behind the need for the district to borrow.
The loan will be repaid as the district receives its first-half property taxes early next year, Carpenter said.
“It goes back to the same old story before all the funding cuts,” he said.
Despite extensive budgetary cuts by the Lake board earlier this year as well as the past two years, the district’s revenues have been hit hard enough to create a shortfall this time of year, Carpenter said.
Agricultural and residential property valuations in the district have dropped by about 15 percent in recent years, he said.
According to a resolution approved by the school board in March before enacting wide-ranging spending cuts, local real estate collections decreased by $425,903 for the fiscal year that ended June 30.
Voters in the district approved a 6.75-mill operating levy in August.
The agency will provide meals for dining sites and home delivery.
A bill that passed the Michigan legislature bans compulsory union dues.
Representatives Teresa Fedor and Matt Szollosi, both of Toledo, issued statements of support for those opposing the bill in Michigan.
“The right to work legislation will drive down wages for working families, and open the floodgates for out of state workers. It is a shame.” Rep. Szollosi said.
No results found.