State Comptroller Thomas DiNapoli answers a question posed at a breakfast event held Monday May 20 at the Queensbury Hotel in Glens Falls. Although expressing positivism that an economic rebound was underway, DiNapoli warned that New York State and its municipalities were likely to experience continued financial stresses. He also spoke of a new initiative to reinvest in local businesses — in order to spur job growth within the state.
Photo by Thom Randall.
continued In addition, the superintendent disagreed with the report’s assertion that district leaders overestimate expenditures in their multi-year planning and fail to use surplus funds appropriately.
“With the double digit increases in TRS, ERS and health insurance costs and given the parameters of the tax levy cap, it creates a most arduous scenario,” Ciccarelli said. “This situation makes it very unlikely that budgeted monies would not be expended and surplus funds would not be used.”
Ciccarelli also said that the district’s multi-year planning indicates that surplus funds will be depleted by the 2016-17 school year.
Read the audit report at http://www.osc.state.ny.us/localgov/audits/schools/2013/bolton.htm.