RPS Direct Update - January 12 (PM), 2021
Dear #RPSStrong Family, Great news! We learned today that RPS will be receiving $54.6 million from the latest federal stimulus package! To put this in context, our entire Operating Budget last year was roughly $415 million. We're still working through all the details, but here's what we know so far: It appears we will have broad flexibility to use these funds as we see fit to respond to the effects of COVID-19 – for everything from academic and social-emotional supports to air quality enhancements in our buildings. (Of note, it does not appear that these funds can be used for raises or bonuses.) We have two academic years to spend the funds, which will alow us to make sustained investments through the summer of 2023. These are one-time funds, meaning that, once spent, they're gone. This makes them different from increases we've received from the state or city, which recur every year. So we'll have to be careful about how we spend the stimulus so as not to create a cliff when it dries up. Today's news is especially fortuitous, as we anticipate only about $4 million in additional revenue from the state next year, and a similar amount (or less) from the city, given the impact of COVID.