Philly Schools Facing $320 Million Deficit

English: South Philadelphia High School, taken...

English: South Philadelphia High School, taken from Broad Street, with snow in the foreground (Photo credit: Wikipedia)

FOR THE SECOND straight year, the Philadelphia School District is staring at a more than $300 million shortfall for the fiscal year beginning July 1.

That’s according to a lump-sum budget adopted last night by the School Reform Commission, which lays out broad projections of revenue and expenses. The forecast anticipates $2.8 billion in expenses, with $2.5 billion in revenues, leaving a deficit of $320 million.

“Based on our current financial picture, we are still left without adequate funding to provide even the most basic services for our students,” SRC chairman Bill Green said. “We are again in a position to ask for additional funding.”

Read more at http://www.philly.com/philly/education/20140328_Philly_schools_facing__320_million_deficit.html#P7Hcx2qtfSuo52VT.99

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