19 LI school districts beyond legal cash reserves limits; search funds by district
A Newsday review of state records shows 19 school districts across Long Island accumulated cash reserves that are beyond legal limits and subject to growing scrutiny from Albany.
The excessive funds in question are unrestricted reserves, commonly known as “rainy day” funds, which by law are restricted to 4% of local budgets. The districts with the largest unrestricted surpluses include Brentwood with $87 million, equivalent to 15.5% of its budget; Freeport, with $20.6 million, or 8.6%; and Lawrence, $7.5 million, or 7.3%.
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A Newsday review of state records shows 19 school districts across Long Island accumulated cash reserves that are beyond legal limits and subject to growing scrutiny from Albany.
The excessive funds in question are unrestricted reserves, commonly known as “rainy day” funds, which by law are restricted to 4% of local budgets. The districts with the largest unrestricted surpluses include Brentwood with $87 million, equivalent to 15.5% of its budget; Freeport, with $20.6 million, or 8.6%; and Lawrence, $7.5 million, or 7.3%.
A group of smaller districts in the Island’s East End were notable for the size of their reserves in percentage terms, though dollar amounts were relatively low. Oysterponds reported a $1.4 million surplus, equivalent to 26.7% of its budget; East Quogue, $5.1 million, or 17.7%; and Remsenburg-Speonk, $2.4 million, or 15.1%.
Financial data used in the review came from New York State Property Tax Report Cards released in May by the state Department of Education. The reports included estimates by 121 districts in Nassau and Suffolk counties of reserves they expected to hold by the close of the 2023-24 school year.
Search or browse the database to see how much each district on Long Island has in its reserve funds.