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    Long Island’s school districts stockpile over $2 billion

    August 24, 2018

    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

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