School board authorizes borrowing up to $6 million from stat

School board authorizes borrowing up to $6 million from state


At Aspen School District, some expenses for the 2021-22 fiscal year are cropping up before sufficient tax revenue rolls in to cover those costs.
A zero-interest loan from the state of Colorado will help bridge the gap; the Board of Education swiftly and unanimously authorized Tuesday morning borrowing as much as $6 million from the state to address the short-term cash flow deficit.
The approved resolution indicates that the district can repay the loan by June 25. The loan contributes to general fund expenses that can’t be covered by other, more specified sources such as the transportation, food service and bond redemption funds.

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