December 07, 2005



Enclosed for your review is the December Financial Status Report (FSR).  This month, the FSR includes a summary of the recently released November Financial Plan. 

The November Plan includes a significant adjustment of $329 million associated with the UFT contract. This amount, when combined with the existing resources in the collective bargaining reserve, will fund $483 million of labor increases, including a $2 million pass-through for the Fashion Institute of Technology.  

In addition to the collective bargaining increases, the plan reflects adjustments of $95 million to categorical revenue budgets.  These considerable increases are primarily associated with carryover levels from the previous fiscal year.  For a summary of other plan changes, please see page 4.            

            The next FSR, scheduled to be released in mid-January, will include the first fiscal analysis for FY2006.    

            Thank you.

 c:       Joel I. Klein 
           Chancellorís Senior Staff    
           Division of Budget Operations and Review Senior Staff

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