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Meeting Date:
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5/15/2024 - 5:30 PM
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Category:
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FINANCE
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Type:
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Action
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Subject:
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15.2 Authorization for $4,700,000.00 State Aid Loan
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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 88 of the Laws of 2000, allowed the Yonkers Public School District to accelerate $9.5 million of Lottery Aid, which was comprised of $3.5 Lottery Aid advance and $6 million of Lottery Aid loan. The Lottery Aid loan aid formula enumerated in the state statute reduces the loan portion by $200,000 per year. The Lottery Aid Loan is an interest-free loan.
The amount of $4.7 million expressed in the state cover letter and standard voucher is comprised of a $3.5 million Lottery Aid advance and $1.2 million in Lottery Aid loan balance.
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Funding:
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Resolution:
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Chapter 88 of the Laws of 2000, as amended by Chapter 149 of the Laws of 2002, Part B, Sections 10 & 11, allows Yonkers Public School district to apply for an apportionment of $4,700,000.00 to be paid on an accelerated schedule on or before June 30, 2024. 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 Yonkers Public School district in September 2024 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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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 Lawrence Sykes Moved, Member Felix Rios seconded to approve the Original motion 'Chapter 88 of the Laws of 2000, as amended by Chapter 149 of the Laws of 2002, Part B, Sections 10 & 11, allows Yonkers Public School district to apply for an apportionment of $4,700,000.00 to be paid on an accelerated schedule on or before June 30, 2024. 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 Yonkers Public School district in September 2024 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: 9 Nay: 0. | | The motion Carried 9 - 0 | | | | | Felix Rios | Yes | | Lawrence Sykes | Yes | | Amjed Kuri | Yes | | Rosemarie Linton | Yes | | Sheila Greenwald | Yes | | Gail Burns | Yes | | Kevin Cacace | Yes | | Dr. John Castanaro | Yes | | Dr. Rosalba Corrado Del Vecchio | Yes | |
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