TITLE

Appeals Court Mandates Better N.Y.C. School Funding Formula

AUTHOR(S)
McDonald, Michael
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/27/2003, Vol. 344 Issue 31666, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
A day after New York City mayor Michael R. Bloomberg and the City Council reached a final agreement on the fiscal 2004 budget, the state's highest court yesterday issued a ruling in favor of New York City schools that could have long-term implications for the finances of both city and state. The ruling, in which the state Court of Appeals gave New York governor George E. Pataki and the state legislature 13 months to come up with a better school funding formula for the city, could also result in more school bond issuance. Two years ago, a New York State Supreme Court judge told the state it should spend at least $1 billion to correct problems in the city's public school system. The state, which appealed the Supreme Court ruling and lost that appeal yesterday, currently spends around $14 billion a year on school aid, including $5 billion for the city.
ACCESSION #
10171003

 

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