The current economic situation has taken a turn that now affects California public school construction.

On December 17th, the State’s Pooled Money Investment Board (PMIB) chaired by State Treasurer Bill Lockyer, moved to temporarily halt disbursing cash from the State’s Pooled Money Investment Account (PMIA) for capital projects, including public school construction, citing the current budget situation in Sacramento.   

The Office of Public School Construction (OPSC) utilizes cash from the PMIA to release funds for projects that have been approved by the State Allocation Board (SAB).  The outcome of this meeting: Until further notice, the OPSC will be unable to release funds for approved school construction projects.  Additionally, the PMIB has indicated that the SAB will be unable to approve apportionments for new projects until further notice.

The Coalition for Adequate School Housing (CASH) has recommended that district superintendents and boards immediately cease making financial commitments.

Go here to see the full report from C.A.S.H.

 

UPDATE: To see affected projects, click here!