|
An Examination of the Current Crisis' Possible Impact on Haldane
Dear Editor:
The current state-wide financial crisis spurred the New York State Association of School Business Officials (ASBO) to conduct a special web based seminar this week. Three topics dominated the discussion - school district borrowing; investments and future state aid. As Anne Dinio, Business Manager, and I listened to the panel discussion we considered Haldane and the impact on us. At Tuesday night's Board of Education meeting, I shared our thoughts on these issues underscoring the fact that Haldane's financial health is currently stable despite some of the looming problems. Let me summarize the key points.
·Borrowing. We do not have any current BANS (Bond Anticipation Notes) that need to be converted to long term Bonds. We do, however, have the prospect of financing a future capital project (roofing). In this instance, the projected interest rate will increase as a result of the current credit crisis. We do not anticipate seeking financing until after March 2009 so the real impact is unknown at this time. The rates districts are charged are dependent upon Moody's rating. We anticipate a better rating this year because our financial position has improved with the creation of reserves.
·Investments. Our investments are consistent with Board policy and conservative. Therefore, we are reasonably protected from the losses in the stock market.
·Loss of state aid. Frankly, no one really knows whether school districts will see a cut in promised state aid for this school year. We will be monitoring the news from Albany. We have, however, in the preparation of this budget considered that cuts were possible this year and factored that into our budget planning.
To suggest that any school district or for that matter any family is fully protected from the prospect of a world wide financial crisis is naive. This letter is written simply to reassure the public that the Board and district leaders are paying attention to this matter and acting as prudently as possible.
Mark Villanti, Ed.D.
Superintendent of Schools
Haldane Central School
District
Cold Spring
| 
