Daily News | Philly schools voted to borrow millions to pay bills, something it has to do every July
The Philadelphia school board authorized borrowing $500 million Thursday, a sum it needs to pay its bills as it waits for the state and local funds that pay for much of its expenses.
Tax and Revenue Anticipation Notes, or TRANs, are “standard government practice,” Monson said, and must be borrowed and repaid within the same fiscal year. Philadelphia is borrowing less this year than it did last — $500 million vs. $550 million — because of a healthier fund balance. The city also has had to resort to temporary borrowing in the past, but did not need to this year because of federal funds.
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