MPS looks for new ways to better fund the program - WAFF-TV: News, Weather and Sports for Huntsville, AL

MPS looks for new ways to better fund the program

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MONTGOMERY, AL (WSFA) -

Montgomery Public Schools has some serious debt right now and is in need of cash.

The district's finance director proposes a plan to pump in an immediate cash flow before the start of the school year.

MPS reportedly ended the last fiscal years with only a two week operating budget in reserve in the general fund. The state wants every district to have at least a one month's operating balance.

Montgomery Public Schools ended this past school year with nearly $76 million of debt and no cash flow in sight.

"We are not where we want to be or need to be," said Ron Glover, MPS Assistant Superintendent.

Glover has been the numbers guy for 18 years at MPS. He's seen improvement in the last few years but realizes the system still has a long way to go. That's why he's proposing refunding two bonds at a lower interest rate and extending the debt period.

"Depending on the length that we extend them for, it could be anywhere from $5.5 to $7.5 or $7.6 million," Glover said.

Enough he says to address four capital projects that need immediate attention.

"Like roofing projects, heating and ventilation and air conditioner systems, security infrastructure, technical infrastructure," Glover said.

He admits there is an exhaustive list of needs and projects throughout schools in the districts. But says this will put a dent in that list.

"If we have a couple of hundred million, $200 million might really help us to address the real needs that we have and replacing some of the schools that are really aged over the years but that's just not possible right now," Glover said.

Glover says once the superintendent and board decide on the terms of the bonds, it will take about 45 days to process paperwork. But he's hopeful that the cash will be available when school starts on August 11.

Ron Glover is approaching his final school year with the district. After 43 years of service, he will retire in March.

Glover started as a math teacher at Carver High School in 1972. He taught there for four years and then transitioned to central office as the executive assistant to the finance director, then he transitioned to payroll and purchasing until he landed his current position as Assistant Superintendent for Finance.

Right now on the school district's website, you can find the last three months of financial statements and a check accountability report that lists all the checks that were written for the last three months. Click here to view those documents.

Copyright 2014 WSFA 12 News. All rights reserved.

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