School Board Secures $20 Million Settlement and Future Funding

Amid a massive financial crisis spurred by an accounting error, the Orleans Parish School Board has agreed to dismiss a years-old lawsuit against the city of New Orleans for $20 million in cash and $70 million in funding guarantees. 

While school leaders across the city may be reassured by the quick $20 million payment, which will help plug budget holes for the 2024-25 school year, charter officials are still anxiously awaiting final details on the district’s promise to directly support their school budgets and students in the face of the shortfall that remains, which is estimated at $16 million – but may be more, depending on what financial advisors find as they look through district ledgers.

Read more at The Lens Nola.