Today's T&G article and the Worcester Magazine coverage left me rather confused on how the Spirit of Knowledge's funding works (or doesn't). The school's trustees say that they need $200,000 to meet the next payroll, as they've spent their first quarter money, but that this is all that they need. So where is the money coming from? Or is it?
I asked a few questions.
The first quarter goes until the end of October (it began with the start of the fiscal year on July 1). Charter schools get their funding quarter by quarter, BUT: while the first quarter of funding is based on the projected student body numbers, the second quarter is based on their actual October 1 count.
Not only that, but any differential between the first and second quarters must be repaid.If they didn't have as many kids as they got money for, they have to give the money back.
Thus one would hope that the charter's budget would be based on the students that they knew they had, with money set aside to repay the state, if necessary, or to fund students, if they come. If they don't have any money to meet the October payroll, though, they not only haven't done that; they haven't even budgeted to meet current expenses from money on hand.
It's not clear to me, therefore, how the school is going to repay any line of credit, since they don't have the money to meet this quarter's expenses or to repay the state.
And I've said it before, but I'll say it again: the Worcester Public Schools will take Worcester students. Period.