Norwich schools considered under 'moderate fiscal stress' by state comptroller
ALBANY – On Thursday, State Comptroller Thomas P. DiNapoli announced 26 school districts in the state that are currently designated as fiscally stressed, including Norwich City School District.
NCSD is among nine schools in the state to receive the designation of moderately stressed based on the evaluation of 674 school districts with fiscal years ending on June 30, 2017.
"We certainly understand Comptroller DiNapoli's designation," said NCSD Deputy Superintendent Robert Wightman. "This comes as no surprise to us considering our rapidly rising costs in managing the finances of the district such as in employee health insurance and mandated costs."
To be considered under moderate fiscal stress, schools must score 45 percent or higher on the comptroller's fiscal score––NCSD scored 48.3.
Wightman said in an effort to refine and reduce costs, the district has refinanced some of its existing debt, thereby reducing costs and saving taxpayers $280,000 annually, and $1.3 million over the next six years.
"We are also changing out health insurance provider to Excellus BC/BS to save rapidly rising premium costs effective July 1," said Wightman.
"We have a five-year long range plan and each year we update that plan to help guide us in future financial decision making."
DiNapoli noted in his report that the 26 school districts designated as fiscally stressed this year is an improvement from last year's report, which found 59 school districts to be fiscally stressed.
"The scores are based on financial information submitted as part of each district’s ST-3 financial report filed with the State Education Department as of Dec. 29, 2017," states the release from the comptroller's office. The report does not include scores for school districts in Buffalo, Rochester, Syracuse, Yonkers, or New York City.
The report also notes Harpursville Central School District as moderately stressed with a score of 50, and Oxford Academy and Central Schools as susceptible to fiscal stress with a score of 26.7.
To view the comptroller's list of school districts designated in fiscal stress, visit www.osc.state.ny.us/localgov/fiscalmonitoring/schools/stresslist.htm.
NCSD is among nine schools in the state to receive the designation of moderately stressed based on the evaluation of 674 school districts with fiscal years ending on June 30, 2017.
"We certainly understand Comptroller DiNapoli's designation," said NCSD Deputy Superintendent Robert Wightman. "This comes as no surprise to us considering our rapidly rising costs in managing the finances of the district such as in employee health insurance and mandated costs."
To be considered under moderate fiscal stress, schools must score 45 percent or higher on the comptroller's fiscal score––NCSD scored 48.3.
Wightman said in an effort to refine and reduce costs, the district has refinanced some of its existing debt, thereby reducing costs and saving taxpayers $280,000 annually, and $1.3 million over the next six years.
"We are also changing out health insurance provider to Excellus BC/BS to save rapidly rising premium costs effective July 1," said Wightman.
"We have a five-year long range plan and each year we update that plan to help guide us in future financial decision making."
DiNapoli noted in his report that the 26 school districts designated as fiscally stressed this year is an improvement from last year's report, which found 59 school districts to be fiscally stressed.
"The scores are based on financial information submitted as part of each district’s ST-3 financial report filed with the State Education Department as of Dec. 29, 2017," states the release from the comptroller's office. The report does not include scores for school districts in Buffalo, Rochester, Syracuse, Yonkers, or New York City.
The report also notes Harpursville Central School District as moderately stressed with a score of 50, and Oxford Academy and Central Schools as susceptible to fiscal stress with a score of 26.7.
To view the comptroller's list of school districts designated in fiscal stress, visit www.osc.state.ny.us/localgov/fiscalmonitoring/schools/stresslist.htm.
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