Today, Chancellor Joel Klein previewed budget cuts at the city's schools in a message sent to all principals. The news is good or bad, depending on your point of view -- and your school's fiscal status, he said.

"In aggregate," Klein wrote, "the total dollars in school budgets will be reduced by 3.8 percent."

In specifics, which he described at a briefing today at Tweed, more than 40 percent of schools may experience cuts of 4.9 percent, while others, such as the approximately 80 schools with large Title I populations, might "get a slight bump" in funding, Klein said.

Schools that managed to save and "roll over" funds from Fiscal Year 09, which ends on June 30th, will experience less severe cuts than those who spent their budgets down, said Klein.

"To be clear: if you rolled over money, the good news is you will be able to spend that money. We are not cutting the money you rolled forward," he wrote in his letter to principals. Schools were cautioned to save money from this year to plan for the next, although the rate and ability to save varies from school to school. The cut is designed to save approximately $318 million in the coming fiscal year, in addition to the $100 million in midyear cuts.

Principals will be responsible for making decisions about whether to cut programs -- Saturday school, after school programming and professional development were three options the Chancellor mentioned -- or to trim staff.

"Most schools will be able to find significant portions of this in OTPS [Other Than Personnel Services]." But school leaders are free to lay off staff, "if an aide or a para that they feel is more cuttable than a program," Klein explained.

At LaGuardia High School, our student blogger writes that upper-level math courses will be snipped.

Specific budgets for each school will be presented to principals tomorrow, and according to the DOE, posted to the DOE website.