Mayor Michael Bloomberg and Schools Chancellor Dennis Walcott announced today that through fundraising efforts they have been able to secure $1.5 million in private funds to continue administering the January Regents exam statewide.

The state initially said the exam would no longer be offered mid-year after the Board of Regents voted to eliminate them due to budget cuts.

The money came from six wealthy New Yorkers – including Bloomberg Philanthropies – and was donated to the Mayor’s Fund to Advance New York City and the Fund for Public Schools.

Mayor Bloomberg, though, warned the private funding may not always be an option in the future.

“They’ve got to understand that this is an obligation they have. We just cannot get the private sector to fill in for the state on every single thing or every time,” said the mayor. “And I just think, it is so important that I’m so thrilled that I was able to find some people that were willing to step to the plate and get us through this year.”

Thousands of high school students rely on the January Regents Exams in order to graduate on time.

Education advocates say many represent the city’s most vulnerable populations, including those who have returned to school after dropping out.

(Source: NY1)