Local school districts won't face the loss of millions of dollars in state education aid this year - at least not until January.

After an emergency meeting yesterday to tackle the state's budget woes, Gov. David Paterson and the state Legislature did not reach agreement on the governor's plan to slash spending to close a projected $1.5 billion to $2 billion deficit this fiscal year.

If the plan had been approved, school districts statewide would have lost $585 million in aid, an amount some said would have resulted in layoffs, cuts in services and higher taxes in next year's budgets.

Schools in the Lower Hudson Valley stood to lose $49 million under the governor's plan.

Robert Reidy, superintendent in the Mahopac school district, said it was encouraging that legislators seemed to be pushing for a more thoughtful compromise, but that the district - where state aid would have been cut 5 percent, or $1.5 million - was still bracing for less help from the state.

"I'm pleased that they didn't cut us today and hopeful that they won't cut us midyear," Reidy said, adding that the district would continue with cost-cutting measures. "We can't take the chance because we can't control what they do."

With public employee unions criticizing the plan, the implementation of any midyear cuts has been delayed until at least January - several weeks after the governor is expected to present his full plan for the 2009-10 fiscal year.

"I still hope, when they come back in January, they still don't have midyear cuts on their minds," said New Rochelle Superintendent Richard Organisciak, whose district faces losing $3.2 million in aid, a 9 percent cut. "You'd like to believe this would allow some cooler heads to prevail."

Reach Dwight R. Worley at dworley@lohud.com or 914-694-3517.