Long Island’s school districts stockpile over $2 billion
MELVILLE, N.Y. (AP) — Long Island’s school districts have stockpiled over $2 billion in cash reserves.
According to Newsday , districts say the money will help strengthen school security this year and offset unknown economic challenges down the road.
Plainview-Old Bethpage Schools Superintendent Lorna Lewis says it’s a hedge against the “instability” of state aid and federal mandates. She says reserves allow districts to respond quickly without increasing the burden on taxpayers.
But the chairman of the Nesconset-Sachem Civic Association calls the buildup of reserve funds “ridiculous.”
Fred Gorman says the money belongs in the pockets of Long Island homeowners — whose tax bills are among the nation’s highest.
Information from: Newsday, http://www.newsday.com