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State (AZ) grabs money from K-12 schools
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| Contributor | Thomas Walker |
| Last Edited | Thomas Walker May 14, 2009 03:01pm |
| Category | General |
| News Date | May 14, 2009 03:00pm |
| Description | The Arizona Legislature voted along party lines Wednesday to approve a plan to postpone a $300 million payment due to the state’s K-12 schools Friday until after the beginning of the fiscal year July 1.
The move was part of a plan to close a $650 million shortfall in the current year’s budget by delaying some spending and using federal stimulus money. It also would trim the next budget’s shortfall by grabbing some school district money.
Gov. Jan Brewer, a Republican, was expected to sign the two-bill package into law.
Rep. Nancy McLain, R-Bullhead City, the state’s severe cash flow problems combined with lower than expected April tax revenues forced the move.
“We really had to act quickly to get this resolved. If we were going to use the rollover, it had to be done (Wednesday),” McLain said. The Department of Education would have issued a warrant to make the school payment today, she said.
McLain said some school districts would probably have to issue their own warrants, or essentially take out lines of credit, to make ends meet until the postponed payment is made next fiscal year.
“Some of them may have enough cash on hand that they can eek it out until July,” McLain said. |
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