EPS board approves borrowing $300,000
EVART – For the first time in 15 years, Evart Public Schools borrowed money to make it through the school year.
At a special meeting on Monday, the board of education approved borrowing $300,000, which will be repaid by April 1.
“This the first time we’ve had to borrow; we’ve been fortunate,” said Superintendent Howard Hyde. “It’s finally catching up with us because we don’t get a state aid payment in September.”
School districts are given a per-pupil foundation allowance from the state’s School Aid Fund every year. That total is divided into 11 shares and distributed on a monthly basis for every month except September. Many school districts borrow money at the beginning of the year or mid-year to cover times of low cash flow.
A variety of factors, including lower student enrollment, caused EPS to borrow money for payroll and other day-to-day expenses for the first time this winter.
The next regular board meeting will take place at 7 p.m. on Dec. 10 at the board room in Evart Middle School.