The Revenue Anticipation Bonds would provide a $3.5 million cash stream for the board as it enters the new fiscal year which begins July 1.
It is estimated the board will end the current year (June 30) with a $3.9 million deficit, which will grow, according to most projections to about $10 million next year without extreme action.
The board, through Acting Supt. Joseph Cassimere, told the State Fiscal Review Committee in April that it would implement such action, including laying off as many as 180 employees by the end of June.
(A special board meeting to discuss criteria for the search for a new superintended was canceled Thursday when a quorum of members was not present.)
On June 14 the board indefinitely suspended Reduction in Force after a first round affecting approximately 65 jobs was implemented.
A consultant retained by the FRC advised the board early this month that with the bond revenue it will be out of money by the end of December if severe spending cuts are not made.
The board expects to get about $2 million in July from funds that had been held by the state and were released to it as the result of legislative action this spring.
It also hopes to change its insurance premium payment from a one-time $1.8 million payment in July, as has been the case in previous years, to an installment plan (with interest) allowing it to spread its cash year over 12 months.
The best-case scenario by the FRC consultant is that the board could end the 2012-13 fiscal year with an operating surplus of about $900,000.
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