D.C. Defaults

Somewhat ironically, after my post yesterday about the academic success in the DC school system, it seems that their financials are a particular mess.

The District missed a $103 million payment due to its 60 charter schools this morning, triggering serious cash flow problems for many of the publicly funded, independently operated schools and raising new questions about D.C. government’s ability to meet its commitments as revenue declines. The delay means that some schools will not be able to meet their payroll.

The sheer irresponsibility and irony of a district, unable to manage own its finances, that in turn stiffs the very organizations to whom it has granted financial autonomy is breathtaking.  That these same charters, who have managed their financial autonomy well enough to remain solvent, will now be unable to pay their teachers — while teachers within the dysfunctional district system are unaffected seems particularly delicious.

This entry was posted in District Performance, Fiscal & Economic. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s