Baldwin Schools Secure Bank Loan

The writing is on the wall...the Baldwin County Board of Education is in serious financial trouble. For months, the school board has scrambled to find ways to offset a 56 million dollar budget deficit. Extra curricular activities were cut at the beginning of the school year and later this week, more than 200 employees will be laid off. But those cuts haven't been enough to keep the school system from falling into a dangerous, financial sinkhole.

"It's the worst economic downturn that we've seen," says Baldwin County School Supt. Dr. Faron Hollinger. "Our budget this year is 75 and a half million dollars less than it was last year."

School officials have been forced to secure a 35 million dollar line of credit from Regions Bank to help pay the bills and keep the school district running.

"We're in the worst economic downturn that has been realized since the 30's," says Hollinger. "It's certainly the worst financial climate I've seen in my 30 plus years in education."

The board of education will have to pay of the Regions Bank loan by September 30th of next year.