Assemblyman Steve McLaughlin (R,C,I-Schaghticoke) today said that the state’s $610 million surplus, obtained through a recent bank settlement, should be used to restore the Gap Elimination Adjustment (GEA) education cuts. McLaughlin emphasized that the Legislature has refused to fully restore these cuts in the years since they were enacted and this year’s budget restores only a fraction of the amount currently owed to our school districts.
“Our students and teachers continue to pay the price for mismanagement of the state’s finances in 2009 and 2010,” McLaughlin said. “Our school districts are struggling to produce solvent budgets each year and keep taxes low amidst continually rising education costs. This year’s Assembly budget only restores a fraction of the GEA cuts and that is unacceptable. I have sponsored legislation for years that would eliminate the GEA, but each year the Legislature continues to focus resources toward downstate issues such as the minimum wage and rent control. It is time to end the fiscal assault on our school districts and give our children the education they deserve.”
McLaughlin’s comments come after Commerzbank has paid fines to the New York State Department of Financial Services in the amount of $610 million. The fines are part of a settlement package that stems from a string of criminal activities for fraud and accountability oversights.
Assemblyman McLaughlin represents the 107th district, which consists of parts of Rensselaer, Columbia and Washington counties. For more information,
please visit Assemblyman McLaughlin’s Official Website