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June 29, 2010

DiNapoli: June School Aid Payments Made

New York State Comptroller Thomas P. DiNapoli said today that school aid payments delayed from June 1, totaling nearly $1.6 billion, were paid.

“New York’s fiscal troubles are far from over,” DiNapoli said. “While revenue collections have been slightly stronger, the state’s cash position remains precarious. The state has to monitor its cash very closely.”

These payments are typically made by June 1, but because of the state’s cash crunch in March the Governor delayed these payments until the end of June. The Governor also delayed the March school aid payments until June 1, which totaled about $2.1 billion.

Breakdown of school aid payments:

  • General Aid: $1,052,353,342
  • BOCES: $201,159,667
  • Lottery: $322,146,667

After making the state aid payments, the state’s General Fund will close the day at $293 million. DiNapoli noted that the General Fund ran a negative balance for the first 17 days of June. The General Fund is the major operating fund of the state. It is comprised of all non-dedicated revenues and includes the state’s major reserve funds. Money from the General Fund is used to pay for state operations and local assistance. The General Fund is a component of state’s Short Term Investment Pool (STIP) or cash-on-hand. STIP funds are invested temporarily until needed.

Click here for a breakdown of how much individual schools received.


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