By Mike DeNardo
PHILADELPHIA (CBS) – With no state budget in sight, the Philadelphia School District is concerned about how long its money will last.
“At some point, if a budget is not approved, the district will run out of cash,” says schools Superintendent William Hite.
Hite says the district isn’t at that point yet, but admits he’s nervous:
“Around the end of this month, it becomes a challenge for us if in fact there’s not a path forward with the state budget.”
So while the state budget standoff drags on, Hite says the district has been finding ways to stay in the black as long as possible:
“We are negotiating with vendors. We are talking with individuals that we have to pay, and talking about how we can reduce those payments. And all of those things allow us to go a little longer.”
Hite says the district is asking for the proceeds of its borrowing against anticipated tax revenue up front, to buy time while the state budget debate continues.