Long Island schools' cash reserves hit $2.4B high
Cash reserves stockpiled by Long Island school districts are at a record high of nearly $2.44 billion, which officials said will help strengthen school security this year and serve as a hedge against future economic challenges.
The accumulation of funds, however, has infuriated critics who contend that districts should apply more of their surplus money to provide relief for the Island's homeowners, whose tax bills are among the nation's highest.
State Comptroller Thomas P. DiNapoli said in a statement the accumulation means that increasing numbers of districts exceed the state's legal limit. The agency reports abuses, but is not empowered to penalize offenders.
Cash reserves, officially designated as fund balances, raise issues that have been argued locally and in Albany for more than a decade. The cash concentrations have grown more than 80 percent in Nassau and Suffolk counties during the past 10 years, increasing from $1.33 billion in the 2007-08 school year to almost $2.44 billion in 2017-18, a Newsday review of state data shows.
Read more: https://www.newsday.com/long-island/education/schools-property-taxes-cash-reserves-1.20648244
