East Moline Takes Out Million Dollar Loan To Open School On Time

Aug 4, 2017

EM Supt. Kristin Humphries, with teachers, parents, board members, and St Sen. Andy Manar in February 2016.
Credit WVIK Staff

The East Moline school district says its one step closer to running out of money after the board moved to borrow $1.5 million from its own savings account.

That's after Illinois Governor Bruce Rauner vetoed significant portions of the funding formula needed in order for schools to get money. 

The loan, in addition to local property tax revenue, means that schools will open on time this year, but Superintendent Kristin Humphries says it puts the district in a tough position.

"We don't have much after that," he said. "If we deplete our working cash, it puts us in a perpetual cycle of going out to private lenders just for operating funds, and that's not a healthy environment."

The legislation needed to unlock school funding currently sits in the Illinois Senate. Lawmakers have two weeks to decide whether to accept Rauner's changes or override his veto. 

If no action is taken, the legislation dies, jeopardizing funding for all Illinois school districts.