What happened to the PUSD Sycamore Fund?
Original post made by Loan Shark on Mar 4, 2013
Has the District ever paid back money into the Sycamore Fund, ever? If so when?
on Mar 5, 2013 at 11:13 am
The fund balance is now at $4,718,1000 with $2,435,444 in outstanding loans to it that have not been repaid as required by the resolutions to borrow from the fund.
You can see the fund activity on the web at: Web Link
Many of these loans were supposed to be for three years but the district has neglected to pay off their own loans. Allowing the district to borrow from their own funds is like loaning money to a relative. You should assume it is a gift because you will not get your loan repaid.
And don't forget that the district has deferred funding their retiree medical plan every year. They continue to give out this benefit but do not finance it. Wish there was a law that they cannot give out any benefit that is not 100% paid for in the years the benefit is accrued. Instead the district is just putting this benefit on the taxpayer's charge card.