Richard Paulson, a retired banker and former Duluth School Board member, has been closely looking at the Duluth School District’s finances. Although the current Board members have expressed virtually no concern over the District’s handling of money over the past three years the trends are troubling. The District has spent more than seven million dollars over its revenue during that time.
Also the District has placed tens of millions of dollars raised for the Red Plan in banks like Citybank which have come under close scrutiny since the mortgage bubble burst. In some cases the district’s money is uncollateralized.
The District has not been soliciting bids for health insurance despite premiums that have doubled over the past six years.
Defending the Red Plan may leave the Administration too little time to attend to such mundane issues as paying attention to its finances. You can read Mr. Paulson’s one page summary here.
