Brighton Area Schools: No Need to Borrow This Summer
May 14, 2019
The Brighton Area Schools Board of Education will not have to borrow money this summer for the first time in over 20 years. District Assistant Superintendent of Finance Maria Gistinger announced at the board meeting Monday night that due to the healthy state of the district’s finances, Brighton will not be forced to take out a loan from the state to meet payroll and meet other financial obligations.
Public school districts around the state typically borrow funds during the summer months since there is no state aid coming in when school is out. And the districts have to pay interest on the loans, which can amount to a considerable amount of money. While being in good financial health has been a plus, another factor in not having to borrow during the summer months is the fact that Brighton has paid off much of its bonded indebtedness and, as a result, does not have to make a big payment on that debt. (TT)