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Meeting Date:
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5/21/2025 - 5:30 PM
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Category:
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FINANCE AND MANAGEMENT SERVICES
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Type:
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Action
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Subject:
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14.4 Authorization for $5,000,000.00 State Aid Advance
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District Goals:
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Enclosure
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File Attachment:
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Rationale:
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The State of New York, under Chapter 178 of the Laws of 2024, allowed the Yonkers Public School District to accelerate $5.0 million of Lottery Aid in the forms of a loan. The Lottery Aid loan aid formula enumerated in the state statute reduces the loan portion by $166,667 per year. The Lottery Aid Loan is an interest-free loan.
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Funding:
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Resolution:
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Chapter 178 of the Laws of 2024 allows your district to apply for an apportionment of $5,000,000.00 to be paid on an accelerated schedule on or before May 31, 2025.
These funds are to be used for services and expenses of the school district in support of the educational programs. The Lottery Aid payable to your district in September 2025 will be reduced by the amount of such payment. If the aid paid pursuant to this section exceeds the amount of Lottery Aid payable in September, the balance will be deducted from other payments made pursuant to Section 3609-a of the Education Law.
Advance receipt of State Aid commensurate with prior year.
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Approvals:
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Recommended By:
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Signed By:
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Finance Department - Finance Reviewer
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Signed By:
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Hazem Al-Hijazin -
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Signed By:
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Elizabeth Janocha - Deputy Commissioner
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Signed By:
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John Liszewski - Commissioner
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Signed By:
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Matthew Gallagher - Corporation Counsel
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Signed By:
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Anibal Soler, Jr. - Superintendent of Schools
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Vote Results:
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| Original Motion | Member Kevin Cacace Moved, Member Rosemarie Linton seconded to approve the Original motion 'Chapter 178 of the Laws of 2024 allows your district to apply for an apportionment of $5,000,000.00 to be paid on an accelerated schedule on or before May 31, 2025.
These funds are to be used for services and expenses of the school district in support of the educational programs. The Lottery Aid payable to your district in September 2025 will be reduced by the amount of such payment. If the aid paid pursuant to this section exceeds the amount of Lottery Aid payable in September, the balance will be deducted from other payments made pursuant to Section 3609-a of the Education Law.
Advance receipt of State Aid commensurate with prior year.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 6 Nay: 0. | | The motion Carried 6 - 0 | | | | | Dr. Rosalba Corrado Del Vecchio | Yes | | Kevin Cacace | Yes | | Sheila Greenwald | Yes | | Gail Burns | Yes | | Rosemarie Linton | Yes | | Arz Raheem | Yes | |
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