The Yonkers City School District Deficit Financing Act Update
Bonds: The city of Yonkers has been authorized to issue serial bonds, on or before March 31, 2015, in an aggregate principal amount not to exceed $45,000,000 for the specific object or purpose of liquidating current deficits in the school district general fund as of June 30, 2014.
Budget Review: During the effective period of this act, the mayor (Mike Spano), in direct consultation with the superintendent (Dr. Michael Yazurlo) and the board of Education (Yonkers Board of Education Board of Trustees), shall submit the proposed budget for the next succeeding fiscal year to the state comptroller (New York State Comptroller Thomas DiNapoli) and also to the commissioner of education (Commissioner John B. King) no later than thirty days before the date scheduled for then city council’s vote on the adoption of the final budget or the last date on which the budget may be finally adopted, whichever is sooner. The state comptroller and commissioner of education shall examine such proposed budget and make such recommendations as deemed appropriate thereon to the city prior to the adoption of the budget, but no later than ten days before the date scheduled for the city council’s vote on the adoption of the final budget or the last date on which the budget must be adopted, whichever is sooner. Such recommendations shall be made after examination into the estimates of revenues and expenditures of the city.
Notwithstanding any other provision of law, and in addition to the powers currently authorized to be exercised by the state of New York municipal bond bank agency, the state of New York municipal bond bank agency may provide, for purposes of municipal relief to the city of Yonkers to support public schools in the city, a sum not to exceed $28,000,000 for the city fiscal year ending June 30, 2015, to the city of Yonkers. Notwithstanding any other provision of law, and subject to the approval of the New York state director of the budget, the state of New York mortgage agency shall transfer to the state of New York municipal bond bank agency for distribution as municipal relief to the city of Yonkers, a total sum not to exceed $28,000,000, such transfer to be made from the special account of the mortgage insurance fund created pursuant to the public authorities law.
Inter Municipal Agreement: Yonkers city school district (Yonkers Public School District) enter into an inter-municipal agreement (IMA) that the New York state director of the budget determines would meet the requirements of section two of this act.
The inter-municipal agreement required by section one of this act shall include and provide for the following administrative controls and reforms, each of which is hereby authorized by this act, however, but shall not supersede the authorization of the superintendent and the board of education as provided for in the education law.
Pre-K: Full day Pre-K is funded by New York State for Yonkers.
Additionally, a New York State Fund will underwrite building and / or renovating the school infrastructure.
Executive Budget Aid and Incentives for Municipalities (AIM): $108,215,479.
The most pressing issue is does the state budget satisfy CoY Finance Commissioner John Liszewski’s financial prognostication of $120 million shortfall on the Yonkers Board of Education and between $50 to $ 80 million shortfall more on the city side?
Lastly, how and from what account dis the Commissioner of Finance find the financial wherewithal to satisfy every vendor, teacher, custodian, etc., over the past two years with no funds ever being received by Yonkers? What is the name of that account? Who signs off on it? Who scrutinizes the account? In what bank branch was the bank account kept? Where is the final forensic accounting from Commissioner Liszewski and the Accounting firm represented by Nick DeSantis?
It seems despite Mayor Mike Spano’s dismissal of Yonkers Albany Delegation, they did indeed have a hand in brining about a better financial outcome for CoY. Thank you Senator Andrea Stewart-Cousins, Geoge Latimer, and Assemblymembers Gary Pretlow and Shelley Mayer.