Tuesday, January 20, 2015

Council Approves $41.8M School Settlement

Posted By on Tue, Jan 20, 2015 at 5:02 PM

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The Memphis City Council approved a $41.8 million settlement Tuesday to Shelby County Schools.

The city will pay $28 million in cash, $8 million this year and then make $1.3 million payments over the next 15 years. Also, $8 million will be paid to Shelby County Schools bonds issued in 1998.  

City police services will be provided at schools until the end of the 2016 school year, which city officials value at $2 million.   

Also, the city will spend no more than $3.8 million on educational facilities for the school system.

The move was approved by a 10-0 vote with council members Edmund Ford Jr and Bill Morrison recusing themselves form the vote as they are Shelby County Schools teachers.

The funding plan will move forward only after a vote from the Shelby County School Board.   
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