Philadelphia will borrow $50M to open schools Sept. 9
- Philadelphia will borrow $50 million to make sure its public schools open as scheduled on Sept. 9, according to an announcement Thursday by Mayor Michael Nutter.
- Facing a $304 million deficit, the district cut around 20% of its staff, though some of those laid off are now expected to be rehired—with skills possibly favored over tenure.
- Friday was the deadline set by school officials after Superintendent Dr. William Hite said he needed $50 million to open schools safely and on schedule, though how the city will secure the loans is currently unspecified.
From the article:
... If the Council doesn't sign off on the plan then the loan must be repaid from the general fund.
Nutter warned that dipping into the general fund could cause more problems in areas like city pensions.
"Our school children did not create the City pension problem nor are they responsible for the School District’s funding problems. They should not suffer as we try to resolve it. They should not be pawns in a political chess match of leverage and strategy." ...
- NBC10 Philadelphia Read More
Follow Roger Riddell on Twitter