Proposal One approved: Debt limit removed for small city school districts
Proposal One has been approved by New York voters.
This amendment removes the debt limit on small city school districts, aiming to equalize the financial capabilities of smaller districts across the state.
Currently, these districts are capped at borrowing 5% of the property tax base when going into debt, while approximately 600 other suburban and rural districts can borrow up to 10%.
The approved change establishes debt limits in state law for all school districts, covering essential projects such as roof or infrastructure repairs, air filtration systems, and security or technology upgrades.
Importantly, this change will not impact taxpayers, residents, and students in other school districts.