Monday, December 1, 2014

Lynn School Finance FY15

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.


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Source: Chapter 70 District Profiles; http://www.doe.mass.edu/finance/chapter70/

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