FORTVILLE — The $2.5 million loan from the state that Mt. Vernon administrators had been counting on is no longer coming.
The Distressed Unit Appeals Board, which was created in 2012 to receive petitions from school corporations in need of relief, denied MV’s petition for assistance.
At this point, school administrators are unsure if there is an appeals process since the board is a newly created panel with little experience.
“We’re trying to get some clarification on that from somebody who knows how to read the statute,” said Mt. Vernon’s business manager and corporation treasurer, Dan Kramer.
Mt. Vernon had previously requested the loan from the state’s Rainy Day Fund in the amount of $2.5 million. If granted, the money would have been applied exclusively to the accumulated deficit in the general fund, which primarily pays salaries at MV.
The motion to deny the loan was approved 4-0, minus state Sen. Ed Charbonneau, who was not present. The other members of the Distressed Unit Appeals Board include chairman Christopher Atkins of the Office of Management and Budget; Micah Vincent of the Department of Local Government and Finance; Bruce Hartman of the State Board of Accounts; and Lisa Acobert of the Department of Education.