RSU 19 school board wants to take out a loan to help with financial troubles | News
NEWPORT, Maine (NEWS CENTER)-- At Tuesday night's RSU 19 school board meeting, board members discussed several topics which included the RSU's budget problem.
School board members voted to take out a 10 year $3.6 million loan to try and get out of the massive financial deficit the RSU is facing and to help pay the bills for this fiscal year.
RSU 19 Superintendent Gregory Potter said an audit shows the district was $400,000 in the red for 2011 and the 2012 fiscal year ended with an additional $2 million negative fund balance.
Potter said it will now be up to the voters to decide if the district will get the loan. If it does not there will be tough decisions to be made.
"If we don't secure a loan it's going to be very, very difficult to pay bills through this year. And we're gonna have to continue to freeze virtually all spending that's not essential and also make some very deep cuts to programming and other offerings in this district which is the scary part," Potter said.
Potter said there will be a town meeting on October 13th at Sebasticook Valley Middle School for the public to go over the loan options and decide if the loan should be put on the November 6th ballot.