DOE Allows Principals 70% Of Rainy Day Fund

Still jive, IMO:

Schools Chancellor Cathie Black announced today that the Department of Education has revised its policy requiring principals to hand over 50 percent of budget surplus for fiscal year 2012.

Under the new guidelines, funds set aside will now carry a 70 percent return rate.

“Over the last few weeks, I heard thoughtful feedback from principals across the five boroughs about how we can help them continue making prudent, long-term budget decisions, and we've crafted a solution to let them do that," said Black in a statement.

In the past, principals were encouraged to spend wisely -- to save money and roll-over any left-over funds to spend when school starts again in the fall. The change prompted protests at schools across the city.

The DOE had said it would use the money to offset systemwide cuts. But principals say those funds belong to the schools that saved them.

The mayor has signed off on the revision.

The Mayor of Money is supposed to be a fiscal wizard and money genius.

Me, I'm just a teacher and a blogger.

But let me ask you out there on the Internets:

If you're trying to teach children how to handle money, would you want to teach them a lesson in which they only get to keep 70% of the money they save in a year or a 100% of that money (plus interest)?

Bloomberg, bankster that he is, is always looking for ways to steal money.

Taking 50% or 70% of the rainy day fund is just that.

Basically Bloomberg is saying the same thing Bernanke is saying with his 0% interest rate.

If you got the money, spend it now, because it WON'T be there next year.

Oh, and one other thing: does ANYBODY really think Black made this decision on her own?