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Principals say they're being robbed by the Department of Education. And this week a member of the Panel for Educational Policy pressed Schools Chancellor Cathie Black to explain why she wants to take half of any money principals have left at the end of the school year. In the past, principals were encouraged to spend wisely -- to save money and roll-over any left-over funds to spend when school starts again in the fall.

"What we have announced is that principals have the authority to roll over 50 percent of the dollars that they have had. As you all know, the city and our city schools are in a very difficult financial position," Black said.

But the panel member pushed for more of an explanation.

"I know that in 2009, 800 schools rolled over money for the rainy day. Well it's pouring now and we're taking away their umbrella. We can't do this. We need to think this through," said Panel for Educational Policy Member Dmytro Fedkowskyj.

The chancellor said she would think it over. She had set Friday as the deadline for principals to decide whether they'd lose half their savings, or go on a spending spree to empty their budgets by the end of June. Now the DOE has decided to give principals two more weeks to consider their options. But principals say they don't want more time.

Bronx Center for Science Principal Edward Tom says he has written the chancellor twice, asking her to reconsider, but hasn't gotten a response.

"I was counting on having that money to be able to weather the cuts that were coming down from the state level and the city level," Tom said.

At a rally outside PS 128 in Queens on Thursday, parents said they would fight to let their school keep its savings.

"We need that money. It's good practice to have money in reserve for unforseen necessary expenses," said one PS 128 parent.

"We're hoping that the Department of Education will leave the money with our kids. It was designated to our kids and it really need to be left for our kids," said another.

City Council members are now joining the fight.

"This is bad policy. It is bad education policy. It is bad management policy and it is bad budget policy," said City Councilwoman Elizabeth Crowley

"Why is the Chancellor punishing the people who had the smarts to do the right thing? We don't understand," said City Councilman Daniel Dromm.

The DOE says it will use the money to offset systemwide cuts. But principals say those funds belong to the schools that saved them.