The state’s Education Conference Board says now that the economy is improving and the state has a multi billion dollar surplus, it’s time to end years of what they say is under spending on New York’s schools.
The board is made up of the state’s teachers, school boards, superintendents and the PTA, among others. They agree that school spending must increase significantly in the New Year. Chairman John Yagielski says the groups want $1.9 billion additional dollars for the 2015-16 school year.
New York State will begin 2015 with the largest one time windfall budget surplus since the end of World War II, due to settlements with major banks after the financial crisis. Fiscal watchdog groups are warning lawmakers not to go crazy with ideas for how to spend it.
The settlements from Bank of America, PriceWaterhouseCooper and other financial institutions have netted the state $5.1 billion dollars in settlements over alleged misconduct during the 2008 Wall Street melt down.
Now that elections are over, supporters and opponents of hydrofracking are wondering what will be Governor Andrew Cuomo’s next move on the long stalled gas drilling process in New York State.
New York has had a defacto moratorium on fracking for several years. Most recently Governor Cuomo has said he’s awaiting results of an over two years long health review being conducted by his administration.
During a debate in October, Cuomo said the review would finally be completed by the end of the calendar year.