ALBANY – Nine school districts in the Mid-Hudson Valley are either
in fiscal stress or nearing that level, according to a report issued Thursday
by State Comptroller Thomas DiNapoli.
The scores are based on financial information submitted as part of each
district’s financial report filed with the state Education Department
as of December 31, 2015. Using financial indicators that include year-end
fund balance, short-term borrowing and patterns of operating deficits,
the monitoring system creates an overall fiscal stress score which classifies
whether a district is in “significant fiscal stress,” in “moderate
fiscal stress,” is “susceptible to fiscal stress,” or
has “no designation.”
In the Mid-Hudson, only the East Ramapo Central School District in the
Spring Valley area is classified with significant stress. It’s score
is 66.7 percent.
Moderate stress designations were assigned to New Paltz Central School
District and Poughkeepsie City School District, both with the assigned
score of 58.3 percent.
Rhinebeck Central School District was ranked with 56.7 percent and Eldred
Central School District was characterized as having moderate stress with
a score of 45 percent.
Four districts were also listed as being susceptible to fiscal stress.
They include Tuxedo Union Free School District with a fiscal store of
38.3 percent, New Rochelle City School District with a fiscal score of
30 percent, Beacon City School District with a fiscal score of 28.3 percent;
and Bedford Central School District with a fiscal score of 28.3 percent.
According to DiNapoli, the Peekskill City School District has shown significant
improvements since the last report.
The study found district fiscal stress share a number of common characteristics.
Most are operating with low fund balances, a pattern of operating deficits
and limited cash on hand. Fiscally stressed districts are also more likely
to have a shrinking property tax base, low budget support and a low graduation
rate.
