New York Public Schools Found Wasting Money

Albany, NY - A state audit says New York public schools have been putting away hundreds of millions of dollars in bank accounts they now can't touch. At a time during a suffering economy and when schools need the money most, Comptroller Thomas DiNapoli's office found $615 million in which school districts are holding "unncessarily."

The amount of money held in excess is in reserve accounts for employees to receive accrued sick and leave time. The problem comes from state law, which says those accounts are designated for one purpose.

Now the money held there is untouchable - costing taxpayers millions while the state has an $8.2 billion budget deficit and schools are facing cuts.

View the 2009 Comptroller's Report.