Massive Surplus Reported By Philadelphia School District

PHILADELPHIA, PA -- In an abrupt turnaround from recent years, the Philadelphia School District finished the 2015 fiscal year with a massive cash surplus of $88 million.

What gives?

The surplus is owed to money earned from revenue sources that weren’t in place in previous years, such as the city’s new cigarette tax, Philly.com reports.

In 2014, the city was in a $14.8 million deficit at the end of the fiscal year, city documents show.

The surplus was included in the city’s comprehensive financial report which was released on Thursday.

City officials reportedly called the $88 million a modest sum, however, and that it would barely cover two weeks of operating expenses. 

The city’s fiscal year runs from July 1 to June 30.