City, State Schools Could See $2 Billion Budget Shortfall
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Schools in the city and across the state could soon face a $2 billion shortfall in funding.
State Comptroller Thomas DiNapoli said today the government's stimulus money is expected to run out in the 2011-2012 school year.
Unless funds are renewed or replaced by state aid, property taxpayers may see a tax hike of around 8 percent.
City schools were the most reliant on the federal funds.
DiNapoli says now is the time to start thinking about how to fill the gap, not when the money is already gone.