About 10 years ago there was a fairly large district that told anyone that would listen that they were "broke", and needed the state to adjust the funding formula so that they would have the money to operate.
Then they proceeded to approve the building of a new middle school, renovate another middle school and an elementary school. Did they have a bond election to secure the funding? No...I lived in the district in question; they paid for everything in *cash*. Isn't that difficult to do when you are supposedly broke?
The state smelled something fishy, and audited the district's books. It was discovered that they had been stashing money away for years that was earmarked for other things...at the same time they were claiming to be "broke".
The state came to the conclusion that if this district was doing that, then EVERY district was doing it...and they adjusted the funding formula accordingly (IOW a reduction).
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