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Muskegon schools almost out of cash, seek fast-track loan

Muskegon Public Schools could have run out of general-fund money this week if not for a last-minute loan.

The $2.24 million loan is needed for cash flow because state aid payments are provided only 10 months of the year, said Muskegon Superintendent Jon Felske.

Such bridge loans are commonly sought once a year by school districts, but in Muskegon's case, the original $5.5 million loan was not enough, school officials told the school board recently.

The district sold bank notes to receive the $2.24 million it needs. Felske said the money should be in the district's coffers by the end of this week.

Getting state approval and sale of such notes typically takes six weeks, but school Finance Director Gary Privasky told the school board the district's law firm could get the process moved up.

The district hopes to receive the money three weeks after seeking state approval of the notes Oct. 26.

Typically, the district borrows about $7 million per year to help with cash flow, Felske said. However, a new company took on the job of predicting how much the district would need this year and recommended $5.5 million, he said.

If the loan didn't come through in time, the district could have shuffled money from different funds to meet its $1.2 million payroll, but that's a "hassle" the district would prefer to avoid, Felske said.

"We'll make sure this doesn't happen again," he said.

Email Lynn Moore at lmoore@muskegonchronicle.

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