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2023 Financial Condition Report For Fiscal Year Ended March 31, 2023
Significant Federal Aid Continues to Support New York Schools
According to the Division of the Budget, schools received $4.6 billion of federal education aid in SFY 2022- 23. Schools also received $4.2 billion of temporary funding from COVID-19 assistance programs, including $2.2 billion from the American Rescue Plan Act, $1.8 billion from the Education Supplemental Appropriations Act, and $243 million from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Federal pandemic relief for K-12 education is expected to run through SFY 2024-25.
In SFY 2022-23, the $4.2 billion of federal COVID-19 recovery funding disbursed to New York school districts was equal to 13.9 percent of State school aid funding for the same period.
New York State Ranks Highest in Nation in Per Pupil Spending
For the 2020-21 school year (SY), the most recent year for which data are available, New York State led all states in per-pupil disbursements for public elementary and secondary education at $26,571, according to the U.S. Census Bureau. New York’s per-pupil spending rose 4.1 percent from the previous year and is 86 percent greater than the national average. Differences in educational spending among states may reflect variations in student profiles and regional costs, among other factors.
In SY 2019-20, 56.1 percent of K-12 students were certified for free and reduced-price school meals based on household income, higher than the national average (52.1 percent).
Local Resources Represent the Largest Source of Funding
In SY 2020-21, the most recent data available, support for public elementary and secondary schools in New York came from the following sources:
Local, $45.6 billion;
State, $28.9 billion, including the School Tax Relief Program (STAR) of $2 billion; and
Federal, $2.7 billion.
In school budgets proposed for SY 2023-24, property tax levy increases averaged 2.1 percent, compared to a 1.7 percent increase the previous year. More than 557,000 votes were cast, with 663 district proposals being approved and 11 district proposals defeated on the first try.
Student Performance
The graduation rate in New York State was 87 percent for SY 2021-22, an increase from 86 percent the prior year and from 77 percent in SY 2011-12.
New York’s fourth grade students’ scaled scores were below the national average on the National Assessment for Education Progress (NAEP) math and reading tests in 2022. Eighth graders in New York matched national results in 2022 in math, and slightly outperformed the national result in reading.
