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school aid

A deal has been struck to bail out Rochester City Schools after the district overspent by more than $60 million last school year, which caused the district to lay off more than 150 staffers in December. 

Assemblyman Harry Bronson said a fiscal and academic monitor will be appointed to the district for the next three years. In exchange, the district will receive a $35 million loan from future state aid, known as a spin up, which will be paid back over at least 30 years. Without this agreement, Bronson said the district may have been allowed to seek a line of credit, but with a much shorter repayment window. 

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ALBANY (AP) New York's school business officials are looking for a $2.4 billion increase in school aid in next year's state budget.

The state Association of School Business Officials said in a report Monday that districts may not see increases in local revenues next year because the property tax cap will be around zero. The cap is tied to inflation.