SENATOR BRUNO ANNOUNCES $5.7 MILLION IN NEW STATE AID FOR THE TROY SCHOOL DISTRICT

Aid Increase Could Cut Proposed Tax Increase to 12 Percent

Thursday, May 16, 2002

Senate Majority Leader Joseph L. Bruno announced today that the 2002-03 state budget will provide the Troy City School District with state operating aid and other financial assistance that will total $5.7 million, an increase that could reduce the proposed 39 percent property tax increase to 12 percent.

Other changes would allow the district to bond out a $16.5 million accumulated deficit over ten years to help close the shortfall that has built up over recent years.

The 2002-03 state budget includes $3.9 million in new operating aid for Troy. In addition, provisions in the budget will allow the Troy School District to access the Municipal Bond Bank to speed up payment of $1,787,924 in prior year school aid claims that are owed the district, that when added to the operating aid, produces $5.7 million in new assistance.

Troy school officials have estimated that every one million in additional state funds could lower the proposed property tax increase by five percent. The $5.7 million state aid increase would enable the district to reduce the proposed 39 percent increase to approximately 12 percent.

"The new state budget includes a significant school aid increase for Troy, as well as other important measures to help close the deficit," Senator Bruno said. "But this isn't so much a life preserver for the school district as it is for district taxpayers. I am strongly urging school officials to use these funds to dramatically reduce the proposed property tax increase, which would be devastating to residents and businesses in the school district."

Overall, the 2002-2003 State budget will increase state aid to education by $610 million over the proposed Executive Budget, that when offset by lower than expected building aid payments, will provide schools with a year-to-year increase of $420 million in formula-driven aid. The school aid package totals more than $14.6 billion statewide, which is the highest level in State history. As a result of this increase, school aid will have increased by $4.8 billion since 1995, an increase of 49 percent since 1995.

"Despite the financial challenges we face this year, I'm pleased that we are able to provide schools with a significant increase in state aid that will enable school districts to provide the highest quality education possible, while keeping property taxes under control," Senator Bruno said.

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