The Massachusetts Department of Elementary and Secondary Education recently released preliminary fiscal year 2015 (FY15) school finance information. Lynn's information is as follows for FY15:
The difference between the city's foundation budget and required net school spending amounts was discussed here. As of this most recent report, public education in Lynn is underfunded by $11,264,249 (required net school spending minus budgeted amount); this figure is 1.2% over the state's threshold for the incurring penalties which include the loss of state (Chapter 70) aid. In order to at least meet the 95% figure which would allow the city to avoid financial penalties, the city would have to add an additional $1,741,612.80 to the school budget based on these most recent figures.
You may also be interested in:
- Lynn School Finance FY13 & FY14
- Lynn School Finance Comparison FY13 & FY14
- UPDATED: Lynn School Finance FY13 & FY14
- Thoughts on the Lynn City Council Net School Spending Vote
Source: Chapter 70 District Profiles; http://www.doe.mass.edu/finance/chapter70/
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