From the NY Times:
New York City schools face budget reductions of roughly 5 percent for the 2009-10 school year, Chancellor Joel I. Klein said on Tuesday, predicting they would lead to deep cuts in after-school and weekend programs.
Principals will formally receive their budgets on Wednesday.
In announcing the cuts — totaling $405 million — Mr. Klein emphasized that they were not as deep as he had feared, largely because of federal stimulus money.
And from Room Eight:
The New York Times reports that the budget of individual NYC public schools will be cut 5 percent next year, following a cut of 3 percent last year. Despite the federal government borrowing $trillions our children and grandchildren will have to sacrifice to repay to provide stimulus money to those schools. Despite a huge New York State tax increase for the well off, to be followed by additional state tax increases on everyone else, to increase school state aid. Despite NYC property and sales tax increase, disproportionately directed to the schools. Despite the fact that total spending on the New York City schools, including retirement benefits, will be going up not down, even as the money most New Yorkers earn, and what they can afford, is going down. Total spending up, spending in schools down. But the Times doesn’t ask the question why.