New York’s fiscal crisis could spur short-term borrowing by school districts if the state ­delays some of the $3.8 billion in aid payments due to districts in June.

“It could force a lot of local district borrowing if they don’t get their cash that month,” said John Shehadi, chief executive officer of financial adviser Fiscal Advisors & Marketing Inc. “The district crafts their budget with the total debt-service payment, and on the revenue side they estimate the state aid, and to the extent the cash doesn’t show up by June 15, the district’s still obligated to make the payment.”

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