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Schools hurt by financial crisis

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New Richmond,Wisconsin 54017 http://www.newrichmond-news.com/sites/all/themes/newrichmondnews_theme/images/social_default_image.png
New Richmond News
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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.

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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.

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news@piercecountyherald.com
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