After last year’s record-breaking education budget, which included an additional $3.03 billion in state aid to public schools, the New York State Board of Regents on Monday requested a more down-to-earth budget increase of $1.35 billion.
Still, the request may face some strong headwinds. It’s being made while the state is facing a $4 billion-plus budget gap, and Gov. Kathy Hochul has already stated her unwillingness to hike personal income taxes on the wealthy.
Under the umbrella of the $1.35 billion increase, the Board of Regents’ proposal also includes both a short-term and long-term plan to address the outdated Foundation Aid formula, which was instituted in 2007 during the tenure of former Gov. Eliot Spitzer.
Foundation Aid is the primary source of state funding for public schools.
“The formula replaced approximately 30 existing aid programs and created a single flexible operating aid formula based on actual district expenditures and students’ …