Fallout from the Bush crash?

GATE CITY "? Scott County teachers will be receiving paychecks before the holidays after a request by the county school board for a line of credit was approved by the Scott County Board of Supervisors at its December meeting Wednesday night.

The board unanimously passed a resolution giving County Treasurer Kevin Helms the authority to seek a $3 million line of credit to help the school system deal with delays in preapproved funding from the state.

The line of credit is the first sought for the school board since the current Board of Supervisors took office.

"We're anticipating that revenue, so the county itself is lucky enough to be in good enough financial condition to where we can manage ours,"? Board of Supervisors Chairman David Redwine said. "The school system has a much larger payroll, and they don't have as much of a cushion, so they had to come up with some sort of method to bridge them until that money comes down from Richmond."?

The line of credit would be used by the Scott County school system to meet monthly obligations "? including salaries and fringe benefits "? until February or March, when Superintendent Jim Scott expects the system will begin receiving the delayed revenue from the state.

So far this year, the system has only received $8 million of $29 million that it was promised by the state.

The delay would cause the schools to come up almost $200,000 short on salary and benefit payments for December and January, said Scott.

Redwine said the bidding process for the line of credit would begin as soon as possible so school faculty and staff could be paid before Christmas.



http://www.timesnews.net/article.php?id=9009313
Can't even pay the teachers?

[Glory_Days]

that could hurt.