Cuomo Vetoes Teacher Pension Borrowing Bill

by Associated Press
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Flickr/ Azi Paybarah

Cuomo to school districts: 'live within your means'

 ALBANY, N.Y. (AP)  -- Gov. Andrew Cuomo has vetoed legislation that would have allowed school districts to issue bonds to cover teacher pensions and effectively carve out an exception for that cost from property tax caps that take effect next year.

The bonds plus interest would have been paid off over 15 years.

Cuomo says Wednesday that families across New York have been forced to cut back and live within their means, and school districts must do the same.

The tax cap generally limits school property tax increases to 2 percent a year, unless 60 percent of voters choose otherwise.

Legislative supporters of the bill said some districts will have a hard time in the near term with their growing pension expenses and the tax caps.
   
Copyright 2011 by The Associated Press.  All Rights Reserved.

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