“If we continue the way we are, having to borrow from the fund balance and not get an increase in state aid or not get the Gap Elimination Adjustment taken care of, within a few years we’ll be down to pretty much no reserves and no fund balance,” Ryan said.
The GEA was initially introduced as a temporary way to cut funding and reduce the $10 billion New York State budget deficit in 2010. Since then, CV-S has lost nearly $2.2 million in state aid, Ryan said.
If the taxes increase by two percent, taxes will go up $24 for a homeowner with a home worth $100,000. If taxes increase by 2.92 percent, then that same homeowner will see an increase of $35 dollars in their taxes. If the school taxes increase to 3.96 percent, taxes go up $47 for a person owning a home worth $100,000.
The state has to realize that small rural districts like CV-S are in trouble financially, Ryan said.
“We can kind of muddle through this year, but things are going to be extremely rough in the next few years if things don’t change,” Ryan said.
Change may mean taxpayers have to pay more in school tax or that the state gives more aid to districts like CV-S.
Ryan said he would have more detailed numbers by the next BOE meeting on March 20.