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Article: Agency helps school district collect part of delinquent debt
- Article from:
- Central Penn Business Journal
- Article date:
- April 7, 2006
- Author:
CopyrightCopyright Journal Publications Inc. Apr 07, 2006. Provided by ProQuest LLC. (Hide copyright information)
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York City School District officials were looking at trouble when they reviewed their budget numbers last year.
The school district faced a deficit numbering into the millions of dollars. A good chunk of the shortfall resulted from worsethan-expected property tax collections, said Tom Foust, chairman of the school board's finance committee. The school district had already assumed that not all property taxes would be collected, but the delinquency rate turned out even higher than expected.
"Our delinquency rate has been getting worse each year," Foust said.
Then a New Jersey company called XSpand Inc. contacted the school district. XSpand offered to buy the unpaid debt taxpayers owed the ...