Ala public schools end fiscal year in financial hole

Montgomery, AL – - A new report says Alabama's public
schools spent nearly $222 million more than they received in
revenues in the last fiscal year. That forced school officials to
raid savings and borrow money from banks to meet their salary and
benefit obligations.
The report given to the State Board of Education on Thursday
showed the effect of budget cuts and shrinking tax collections at
the state and local level.
Assistant State Superintendent Craig Pouncey said that when the
fiscal year ended Sept. 30, 56 of Alabama's 132 school systems did
not have enough money on hand to pay one month's bills.