JEFFERSONVILLE, Ind. (WDRB) -- Greater Clark County Schools is running out of money and needs to take emergency action to stay out of the red.
At Tuesday night's school board meeting, district leaders said they need to take out a loan for more than $4 million.
The district needs to borrow more than $3.5 million to cover its education fund, plus almost $1 million to cover its operation fund. Right now, GCCS is running on just a $4 million cash balance, with more than half of that needing to go to payroll.
"We're a little under $4 million," GCCS Superintendent Mark Laughner said. "We should be around $7 million or $8 million. So we have some work to do. And we're working on that."
District leaders said state funding, low enrollment and fixing aging school buildings all play a part in its current shortfall. The board previously hired a financial adviser to get guidance on future money decisions.
The district plans to pay off the loan, with no more than 5% interest, by the end of 2019.
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