City of Rochester, SEC reach settlement over school district’s budget shortfall ...Middle East

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ROCHESTER, N.Y. — The saga between the City of Rochester and the U.S. Securities and Exchange Commission over the city school district’s budget shortfall has com to a close. The SEC sued the city after it was revealed in 2019 that the district exceeded its budget for the prior fiscal year by $30 million. The city and the SEC have reached a settlement. It does not require that the city pay fines or call for a financial monitor. The school district’s former finance director settled in 2022 for a $25,000 fine. The city insisted on flighting this suit, arguing the case would make every city employee open to consequences for the mistakes of a different government body, like the school district.

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Last updated : 17 October 2024 clock 04:17 AM

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City of Rochester, SEC reach settlement over school district’s budget shortfall ...Middle East

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