Gov. Paterson delays doling out $1.5B in school aid so cash-strapped state can pay its bills
Saturday, May 15th 2010, 4:00 AM
Gov. Paterson plans to delay another $1.5 billion in school aid to keep the cash-strapped state from going broke next month.
Budget Division boss Robert Megna said the school money must be held back because the state faces a $1 billion cash shortfall next month - and needs the school money to pay the bills.
Still, team Paterson finds itself in a pickle: State law requires the school aid to be handed out by June 1.
Paterson will seek approval from the Legislature next week to circumvent the deadline.
But it's not all grim news for school systems. Another pot of school cash - $2.1 billion - that has been held back since March will finally be doled out in June.
"It's a step forward because they need this money, but they really need the full complement of state aid," state School Boards
Read more: http://www.nydailynews.com/ny_local/education/2010/05/15/2010-05-15_dont_drink_the_school_aid_gov_to_pull_15b_for_education__at_least_till_budget_is.html#ixzz0o6CsYNi3