Schools

Roseville School District Slated to Hold Sale For Short-Term Borrowing

Like many other districts, Roseville move prompted by delays in state-aid payments.

The Roseville 623 School District is scheduled today (Wednesday) to conduct the sale of up to $17 million in notes to help the public school cover short-term financing.

"Cash flow projections for the District  indicate a need to fund operations of the District over the next several months,"  Barbara Anderson, assistant director of finance and budgeting, said in a recent memo to the School Board. "This need is a result of legislative changes  that allows the state to delay payments to the District."

Last summer, Anderson reported that the State Legislature’s decision to delay 40 percent of state aid to local districts—an increase from the current 30 percent – would reduce the district’s cash flow.

Find out what's happening in Rosevillewith free, real-time updates from Patch.

The School Board earlier this month authorized the sale of general obligation tax and aid anticipation certificates of indebtedness in an amount not to exceed $17 million. The sale is being made against future tax levies and future state-aid  payment totalling $17 million.


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here

More from Roseville