New York City’s budget for public schools will be nearly $25 billion for the 2014 fiscal year, according to a report from the Daily News.
This is $1 billion more than last year’s and the highest schools budget in the city’s history.
Most of the funds will be allocated to pension costs and debt, the News reported.
New York City Schools Chancellor Dennis Walcott said that the money will be well-spent.
“It’s spread in a variety of area,” said Walcott. “You’ll see a number of allocations to schools to improve the outcome of our students.”
Approximately $165 million of the budget will be used to prepare schools for the Common Core academic standards and a system that will evaluate teachers.
Education officials have also planned to use $66 million of the budget for tutoring and an updated curriculum to meet national standards.
Funding will also be used to open 24 charter schools in the fall and on technical education and career programs.
New York City public schools make up more than a third of the city’s budget and spending on education has doubled during the Bloomberg administration.
A winning endorsement?
According to New York City teachers’ union president Michael Mulgrew, a stamp of approval by the 230,000 member-strong United Federation of Teachers would boost a candidate’s approval rating so greatly, it could secure his or her place in City Hall.
Mulgrew also intimated that the union is on track to spend a large sum of money on supporting their chosen mayoral candidate.
“We’re about making a mayor, making the winner,” said Mulgrew. “And that’s what we’re gonna to do.”