Flint School Board Approves Nearly $20 Million Loan
The Flint School Board approved borrowing up to $17 million in a special meeting held Wednesday night. According to ABC 12, the money is needed due to a cash shortage and would hold the district over until it receives its state aid check. The move comes less than a month after the district submitted a revised deficit elimination plan to the state asking for three more year to eliminate a more than $20 million deficit. School Board President Isaiah Oliver warns that there is no need for families to be worried saying “it’s a regular practice, again, and it’s not something that should be of alarm to anyone in the public. It’s something we do regularly or at least annually.” ABC 12 says this is the most that the district has ever borrowed against state aid.