Philadelphia’s city controller says the school district is in serious financial troubles.
City Controller Alan Butkovitz, who presented the school district with his independent auditor’s report of district finances Tuesday afternoon, said the numbers don’t add up. The conditions raise substantial doubt about the district’s ability to continue as a “going concern,” he said.
“We have to go not on the hopes, we have to go based on the numbers, on how they are presented and whether they can show they have accomplished enough cutting or new revenues to make it well into the new fiscal year,” Butkovitz said. “And they have not.”
The audit report could hurt the district’s ability to borrow money, or at least make it more expensive.
Even after significant reductions, Mayor Michael Nutter says Philadelphia schools need to cut $30 million by June 30 to balance their books.