Rising inflation adds $800M to cost of fully funding New York’s main school aid formula
New York school funding advocates have been looking forward to next year, when Gov. Kathy Hochul and the legislature are supposed to finish fully funding the state’s 15-year-old school funding formula, resulting in billions of more dollars for school districts statewide.
But a new problem might put the money in jeopardy: Because of inflation, the increase is expected to be nearly $1 billion more than expected, state officials said.
Advocates said they don’t yet expect that lawmakers will renege their promise of fully funding Foundation Aid, which sends more money to school districts with students who have higher needs.
Regardless, they are already on the offensive ahead of the next legislative session, which begins Jan. 4. They said they’ll still be pressing state leaders on the issue, in light of what happened when the formula was first implemented in 2007, right before the Great Recession.
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