Report: Detroit schools short $76.4M for payroll
DETROIT (AP) A newspaper says Detroit's schools are about $76.4 milion short of the cash they'll need to pay its 13,600 employees into June.
Gov. Jennifer Granholm has appointed Robert Bobb as emergency financial manager because of the Detroit Public Schools' failure to correct a deficit. He starts the one-year job this month.
The Detroit Free Press says it obtained documents saying the district expects a $21.6 million shortfall for the March 17 pay date, $16.1 million for April 14, $17.4 million for May 12 and $21.3 million for June 9.
The newspaper also say the district told the state Thursday it owed at least $42 million on late bills, including $9.2 million for the state's Public School Employees Retirement System.
Information from: Detroit Free Press, http://www.freep.com
1 comment:
I suspect all creditors will be in line for theirs........all in due time.
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