Rochester Mayor Lovely Warren says the city school district knew its finances were in question, but still let the city go ahead and borrow $50 million on its behalf.
The mayor spoke as the State Comptroller’s Office announced it will audit the district’s finances. The school district is withholding comment until it comes out with its own report on how it ended last fiscal year with a deficit, said by City Hall to be as high as $50 million.
The mayor says by potentially concealing the facts, the city was led to make misrepresentations to the bonding industry. She says that will have to be reported and could raise the cost of borrowing for city projects. The mayor repeated her call to the state to let the city cut its fiscal ties with the school district.