NYC education panel approves school funding formula

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New York City’s education panel has on Wednesday approved the city’s school funding formula for next year following a rejection last month.

Schools Chancellor David Banks promised to create a group that will review the 15-year-old formula.

There were concerns from some panel members and public school advocates who want the current funding formula to provide more support for additional groups of high-needs students, such as students living in temporary housing.

The panel voted 12-1, with an additional abstention, to approve the formula, known as Fair Student Funding.

After calling last month’s vote “deeply disappointing,” Chancellor Banks said schools could not afford a delay in getting their budgets if the formula was rejected again.

Receiving a delayed budget could cause hindrances in hiring decisions. This would further make it tougher to plan out classes for the following year.

Officials said schools have faced this issue over the past two school years as the pandemic intensified.

Previously, the plan was to get budgets to schools this month before the panel’s rejection in April. However, after Wednesday’s approval, it was not immediately clear when schools would receive their budgets.

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