Inflation at 2.9% Cap at 2% – You Do the (Painful) Math:

The destructive tax cap, which took effect for schools in July, by law, is either 2 percent or the rate of inflation — whichever is lower. The state Comptroller’s Office last week projected inflation to grow by 2.9 percent in 2013 – so the cap is at 2%.  It will be the second year that schools have to craft budgets under the cap, which limits revenue by keeping leaders from raising property taxes by more than 2 percent. Although 80 percent of municipalities and 90 percent of school districts stayed under the cap during its first year, leaders have warned they’ll be hard pressed to stay do that again.


About cnyteacher

News and notes on education, labor, politics and the arts from CNY teacher Greg McCrea.
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