FORTUNE -- Alabama schools have been having a rough time of it, and it only looks like it's going to get rougher. The Cotton State recently came in last place in the federal Department of Education's Race to the Top grant competition. And a steadfast global recession combined with the Gulf Coast oil spill this summer have put a severe strain on the state's tax receipts, the primary source of revenue for Alabama's education system, forcing several school systems to take out private loans just to make it through the year.
Five school districts have already borrowed against lines of credit they have with local banks to fund basic school operations, and 25 additional districts are planning to follow suit in the next few months, accounting for over 20% of the state's school system, according to the Alabama Association of School Boards.
Wednesday, September 8, 2010
The Greatest Country in the World!
Children are the future or something:
Posted by Substance McGravitas at 8:15 PM