ALBANY, N.Y. July 13, 2011 - New York State United Teachers expressed disappointment today that Gov. Andrew Cuomo vetoed legislation that would have allowed school districts the option of floating bonds in order to provide taxpayers with immediate relief from rising pension costs. Similar flexibility was granted to local governments last year.
NYSUT said that by giving school districts added flexibility to manage short-term increases in pension costs brought on by Wall Street's collapse, districts would be able to preserve more jobs and protect programs that benefit students.
NYSUT President Richard C. Iannuzzi said, "The Legislature provided an opportunity to reduce costs to school districts and provide some stability in estimating future costs. In light of the devastating tax cap adopted last month, it would have been wiser to support the needs of school districts, not further restrict their options."
NYSUT, the state's largest union, represents more than 600,000 teachers, school-related professionals, academic and professional faculty in higher education, professionals in education and health care and retirees. NYSUT is affiliated with the American Federation of Teachers, National Education Association and the AFL-CIO.