City of Philadelphia Borrows $50 Million to Enable School District to Open School Year

Tonight the New York Times reports that the City of Philadelphia will borrow $50 million through general obligation bonds to help the school district open the school year on time. The city will risk its own credit rating, “taking on medium-term debt to pay for day-to-day operations — a practice that is widely seen by municipal analysts as a sign of desperation.”

Helen Gym, parent of three children in the public schools said, “The concept is just jaw-dropping.  Nobody is talking about what it takes to get a child educated.  It’s just about what the lowest number is  needed to get the bare minimum.  That’s what we’re talking about here: the deliberate starvation of one of the nation’s biggest school districts.”

The financial crisis of the school district follows not only several years when the district has been under state control, but also serious cuts in state funding to the district just this year.

Commented Ms. Gym: “I just don’t know where this ends.  There is no bottom to this situation.”

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3 thoughts on “City of Philadelphia Borrows $50 Million to Enable School District to Open School Year

  1. Jan, From Detroit to Philadelphia…urban public school education faces real challenges. Progress could be made – but it takes the collective will of the people in the inner-cities. The State Governments no longer seem willing to help. It is a sad state for American Public Education in the inner-city and poor rural areas. Americans no longer appear willing to share the wealth. As Always, Thank you, for keeping those who care informed. Ron Hooker

  2. Pingback: City of Philadelphia Borrows $50 Million to Enable School District to Open School Year | janresseger ← NPE News Briefs

  3. Pingback: City of Philadelphia Borrows $50 Million to Enable School District to Open School Year | PAChurchesAdvocacy.org

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