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Schools hurt by financial crisis

New Richmond,Wisconsin 54017 http://www.newrichmond-news.com/sites/all/themes/newrichmondnews_theme/images/social_default_image.png
New Richmond News
Schools hurt by financial crisis
New Richmond Wisconsin 127 South Knowles Avenue 54017

Wisconsin school districts are among those hit by the tight financial markets.

Appleton wanted to borrow $24 million to keep its cash-flow going. But chief financial officer Don Hietpas said they could only get $5.5 million from the promissory notes they sold.

They hope to work with local banks to get the rest.

Many Wisconsin school districts borrow temporarily until their property tax revenues and state aid arrive - and like many of us, they're caught in the credit squeeze.

In suburban Milwaukee, the Elmbrook district scrapped the idea of selling $9 million in promissory notes on Tuesday.

They've rescheduled the borrowing for Nov. 11.

Elmbrook may also have to wait to borrow the second half of a $62 million package voters approved for expanding and renovating two high schools.

news@piercecountyherald.com
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