New York State could miss a $1.5 billion payment due to local school districts on June 1, forcing many districts to borrow to cover resulting cash flow problems, state Comptroller H. Carl McCall said yesterday.

McCall, speaking at a public finance conference sponsored by Empire State Reports magazine in New York City, said the delay in payments would result from the legislature's failure to pass a budget for fiscal 1995, which began April 1.

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