VALATIE — The Ichabod Crane Central School District was found to be susceptible to fiscal stress, according to a report released by the state Comptroller.
The scores were determined using state Comptroller Thomas P. DiNapoli’s Fiscal Stress Monitoring System for the school year ending June 2023.
According to the report, the Ichabod Crane Central School District’s fiscal stress score was 30.
Under the system, scores are based on annual financial reports sent to the Comptroller’s office. Points are assigned based on indicators such as liquidity and the state of a districts fund balance and used to calculate the fiscal stress score.
The score threshold begins at 25 points, with a higher score reflecting a higher level of fiscal stress. School districts can fall into three categories, susceptible to fiscal stress, moderate fiscal stress, and significant fiscal stress. Any score below 25 results in a no-designation status.
Ichabod Crane Superintendent Marie Digirolamo said in a statement that administrators from the school district met with representatives from the Comptroller’s office to express their concern and disagreement with the rating.
According to Digirolamo, 2023 was the first year the district earned a designation other than “no designation,” and independently audited financial statements show the district is not experiencing financial stress.
She added the designation stems from outstanding federal and state grant reimbursements, as well as state aid owed to the district. The combined amount owed from those reimbursements and state aid surpass $4 million as of June 2023.
The district took out a short-term loan, which Digirolamo said was paid back in 60 days, to cover a portion of the anticipated funds.
“Ichabod Crane Central School District will continue its long-standing practice of fiscally responsible and transparent budgeting and accounting to meet the educational needs of our students and community,” Digirolamo said.
Sixteen schools were determined to be under some level of fiscal stress, an increase from the previous year’s 14 districts.
“The number of districts designated in fiscal stress remains low after significant increases to both federal and state aid over the past few years,” New York state Comptroller Thomas P. DiNapoli said in the report summary. “Although federal relief packages and state aid provided much-needed assistance, school officials should remain diligent and closely monitor their financial condition in the current and future budget cycles as one-time federal funds are depleted and state aid is uncertain.”