Which American school districts got 4 billion in IOUs instead of cash?
Friday, July 10, 2009 SCHOOL DISTRICTS GET $4 BILLION IN IOUs INSTEAD OF CASH + Schools Chief Jack O’Connell, State Controller John Chiang Announce State Cash Shortage Causes Delay in $4 Billion School Funding Payment School districts get $4 billion in IOUs instead of cash by Howard Blume | LA Times LA Now blog 6:16 PM | July 10, 2009 — Officials announced today that the state budget crisis has caused a delay in payments to school districts, but were hopeful that no school system would experience cash-flow problems as a result. This delay marks the second time this year that the delivery of school funding has been postponed. A February legislative deal put off paying $2 billion that was due at that time so the state could keep its books balanced. But California’s worsening financial condition has resulted in an additional postponement applying to these dollars as well as another $2 billion that would have gone out to school districts today. Instead, those funds, totaling about $4 bill
Officials announced today that the state budget crisis has caused a delay in payments to school districts, but were hopeful that no school system would experience cash-flow problems as a result. This delay marks the second time this year that the delivery of school funding has been postponed. A February legislative deal put off paying $2 billion that was due at that time so the state could keep its books balanced. But California’s worsening financial condition has resulted in an additional postponement applying to these dollars as well as another $2 billion that would have gone out to school districts today. Instead, those funds, totaling about $4 billion, will be released July 30 to ensure that the state has sufficient cash on hand. “I have no option but to delay payments and issue IOUs that push the state’s problems onto schools, taxpayers, businesses and local governments,” state Controller John Chiang said in a joint release with state Supt. of Public Instruction Jack O’Connell. Wo
Officials announced today that the state budget crisis has caused a delay in payments to school districts, but were hopeful that no school system would experience cash-flow problems as a result. This delay marks the second time this year that the delivery of school funding has been postponed. A February legislative deal put off paying $2 billion that was due at that time so the state could keep its books balanced. But California’s worsening financial condition has resulted in an additional postponement applying to these dollars as well as another $2 billion that would have gone out to school districts today. Instead, those funds, totaling about $4 billion, will be released July 30 to ensure that the state has sufficient cash on hand. Sources: http://latimesblogs.latimes.com/lanow/2009/07/school-districts-get-4-billion-in-ious-instead-of-cash.
Friday, July 10, 2009 SCHOOL DISTRICTS GET $4 BILLION IN IOUs INSTEAD OF CASH + Schools Chief Jack O’Connell, State Controller John Chiang Announce State Cash Shortage Causes Delay in $4 Billion School Funding Payment School districts get $4 billion in IOUs instead of cash by Howard Blume | LA Times LA Now blog 6:16 PM | July 10, 2009 — Officials announced today that the state budget crisis has caused a delay in payments to school districts, but were hopeful that no school system would experience cash-flow problems as a result. This delay marks the second time this year that the delivery of school funding has been postponed. A February legislative deal put off paying $2 billion that was due at that time so the state could keep its books balanced. But California’s worsening financial condition has resulted in an additional postponement applying to these dollars as well as another $2 billion that would have gone out to school districts today. Instead, those funds, totaling about $4 bill
Officials announced today that the state budget crisis has caused a delay in payments to school districts, but were hopeful that no school system would experience cash-flow problems as a result. This delay marks the second time this year that the delivery of school funding has been postponed. A February legislative deal put off paying $2 billion that was due at that time so the state could keep its books balanced. But California’s worsening financial condition has resulted in an additional postponement applying to these dollars as well as another $2 billion that would have gone out to school districts today. Instead, those funds, totaling about $4 billion, will be released July 30 to ensure that the state has sufficient cash on hand. “I have no option but to delay payments and issue IOUs that push the state’s problems onto schools, taxpayers, businesses and local governments,” state Controller John Chiang said in a joint release with state Supt. of Public Instruction Jack O’Connell. Wo
