School Reform Commission Moves to Cover Deficit with $300M Loan

Tuesday, September 18, 2012

The Philadelphia School Reform Commission moved Monday to borrow $300 million to bridge a massive deficit, emphasizing the bond deal will probably be the district's last for several years. In a brief, sober meeting, the commission approved a tough five-year financial plan for the district as a prelude to the bond sale to cover a deficit of more than $200 million in the current $2.5 billion budget, as well as a shortfall anticipated in the fiscal year that begins next July 1.

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