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School board warned reserves could be exhausted in coming years as district weighs pay raises and budget choices
Summary
Ithaca City School District officials told the school board during a work-session-style budget discussion that the district’s fund balance and reserves are substantial but largely restricted, and current projections show assigned and unassigned balances could be depleted within four to five years under current assumptions. Officials urged careful,
Ithaca City School District officials and board members spent the bulk of a recent meeting on a wide-ranging budget briefing that laid out the district’s fund-balance mix, short-term assumptions and a five-year projection showing potential depletion of one-time balances.
“It's a little over $31,500,000 in fund balance,” said Dr. Lisi, a member of the district’s executive team who led the financial briefing, adding that about $16,300,000 of that amount is in legally restricted reserves. The presentation separated reserves, unassigned fund balance (the state-limited “rainy day” funds) and assigned fund balance (one-time carryovers used to ease the following year’s budget).
The briefing included a five-year projection under a set of assumptions — notably a 3% annual increase in state aid, continuing inflationary pressure on nonlabor costs and a scenario that rolls in…
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