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ORDINANCE AMENDMENT TO APPROPRIATING ORDINANCE #2 FOR FISCAL YEAR 2025-26 FOR ASSIGNMENT OF $3 MILLION IN ADDITIONAL STATE AID TO THE GENERAL FUND BALANCE FOR EDUCATIONAL PURPOSES
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WHEREAS, pursuant to Article VII and Sections 2-388 through 2-397 of the City Code of Ordinances, the appropriation or assignment of funds from additional State Aid requires approval by the Board of Alders; and,
WHEREAS, the City of New Haven has received $3 million in additional State Aid for Fiscal Year 2025-26; and,
WHEREAS, the New Haven Public Schools face mounting financial pressures including rising special education costs and capital needs requiring targeted support; and,
WHEREAS, the Mayor and Director of Finance recommend assigning these funds to the General Fund balance for educational purposes, to support the City’s commitment to quality public education.
NOW, THEREFORE, BE IT ORDAINED by the New Haven Board of Alders that:
Section 1. $3 million in additional State Aid be assigned to the General Fund balance for educational purposes and reported in accordance with Generally Accepted Accounting Principles (GAAP) as part of the City’s Assigned Fund Balance; and,
Section 2. The Board of Alders shall review the use of these funds annually during the budget process to ensure alignment with the City’s educational priorities; and,
Section 3. This ordinance shall take effect immediately upon passage.