Bill > A07867

This bill provides a special financial arrangement for the Mount Vernon city school district that allows it to receive accelerated state education aid payments over a 30-year period from 2025 to 2055. Under this legislation, the school district can apply annually for up to $8 million in state aid, with the payment amount gradually decreasing over time. The district must submit specific applications to the commissioner of education and adhere to strict reporting requirements, including monthly fiscal condition reports and quarterly budget tracking. These reports must detail fund balances, revenues, expenditures, and include recommendations for addressing any budget variances. The payments will be drawn from state lottery funds and the general fund, and the amount received will be deducted from future state education aid payments. The bill aims to provide financial flexibility and oversight for the Mount Vernon city school district, with mandatory transparency measures to ensure proper use of the funds. The provisions will automatically expire on June 30, 2055, at which point the special aid arrangement will cease.

Education

https://www.nysenate.gov/legislation/bills/2025/A7867