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Financial adviser warns Saugerties district to prepare for lower state aid, rising costs and shrinking reserves
Summary
Consultant Rick Tims told the Saugerties Central School District board that state aid growth has flattened, federal COVID-era grants are ending and pension and health costs are rising, recommending tightened purchases, a capital plan and reserve protection.
Rick Tims, a financial adviser engaged to prepare the district's long-range plan, told the Saugerties Central School District Board of Education at its Jan. 14 meeting that projected revenue growth from state aid is largely flat and the district faces several cost pressures over the next five to 10 years.
Tims said the district must plan for the end of federal COVID-era grants, sharply higher Employee Retirement System (ERS) and Teachers' Retirement System (TRS) rates and increasing health insurance and construction costs. "The loss of those federal grants is catastrophic," he said, adding that ERS and TRS rate increases are a "big ticket item" and that ERS rates alone were rising…
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