As allowed by law, the state is borrowing money from schools this year to meet its obligations. The state has done that twice this year, targeting districts with the largest budget reserves. The state borrows the money by delaying state aid payments to the schools. In the current round of borrowing, the state is hitting up 134 of the state’s 337 districts for $142 million. The money will be paid back to the schools by the end of May.
In order to help resolve a huge budget shortfall in 2009, state officials opted to delay aid payments to schools. The amount of the delayed payments is $1.9 billion. Although these delayed payments don’t actually decrease the amount of funding the schools get, their tardy arrival means that school districts have come up short of their full funding this year and last. As a result, they must borrow or dip into reserves to cover their expenses.
Prince offered samples of a funky new solo album during an intimate late-night preview. He didn’t mention the album’s title or release date, but he did express frustration with the slow-grinding wheels of the record business.