Thursday, May 5, 2016
Pennsylvania’s Auditor General, Eugene DePasquale, recently announced that the 2015-16 budget impasse was responsible for a total of nearly $1 billion in borrowing by the states’ school districts. The interest payable is estimated at some $50 million. DePasquale and his team will be monitoring the cost of any similar delays for 2016-17 budget, and he warned that another stalemate will likely cause another credit downgrade for the Commonwealth, increasing its borrowing costs.