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Schenectady CFO reports no state budget agreement, flags $4 million federal timing risk
Summary
CFO Terry told the board the state had not approved a budget that day, the district budget remains balanced without a tax increase, and the district is monitoring a potential $4 million shortfall tied to late liquidation of federal COVID-related grants.
CFO Terry provided a budget update to the Schenectady City School District Board of Education on April 9, reporting that the New York State legislative session had adjourned earlier in the day without a final budget agreement and that district leaders have not changed the district’s proposed budget posture ahead of the May vote.
Terry said the district’s draft budget maintains current programs and staffing levels and that the administration increased the proposed budget by about 1.2% since the last presentation. He said the district is not planning a tax increase at this time and continues to rely on current fund balance and revenue projections to bridge uncertainties while final state aid remains unresolved.
On health insurance, Terry described a substantial premium increase over recent years and provided a five-year history to the board. He said that industry-wide medical and pharmacy cost growth has driven the rise in premiums and…
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