nys comptroller fiscal stress monitoring

NYS Comptroller Fiscal Stress Monitoring

Highland Central School DistrictFor the school year ending

06/30/13

Designations Mid Hudson Valley Region

(Dutchess, Orange, Sullivan, Ulster & Westchester Counties)

Significant Fiscal Stress (65% - 100%) 12 Districts Statewide (2 Districts – Dutchess/Orange)

Moderate Fiscal Stress (45% - 64.9%) 23 Districts Statewide (1 District - Westchester)

Susceptible to Fiscal Stress (25% - 44.9%)52 Districts Statewide (7 Districts – all Counties)

No Designation (0% - 24.9%)587 Districts Statewide (90 Districts – all Counties)

SEVEN INDICATORS UTILIZED FOR FISCAL

STRESS RUBRIC1. Unassigned Fund Balance2. Total Fund Balance3. Operating Deficits4. Cash Ratio5. Cash Percentage of Monthly

Expenditures6. Short Term Debt Issuance7. Short Term Debt Issuance Trend

Indicator 1 of 7 Unassigned Fund Balance

Description Data  Total

Points  Points Score3 Points ≤ 1% Last Fiscal Year Unassigned Fund Balance

$503,583

3 2 16.75%

2 Points >1% But ≤ 2% Last Fiscal Year Gross Expenditures

$ 35,403,165

1 Point > 2% But ≤ 3% last Fiscal year

Unassigned Fund Balance Percentage 1.40%

Indicator 2 of 7 Total Fund Balance

Description Data  Total

Points  Points Score3 Points ≤ 0% Last Fiscal Year Total Fund Balance

$2,854,291

3 1 8.25%2 Points >0% But ≤ 5% Last Fiscal Year Gross Expenditures

$ 35,403,165

1 Point > 5% But ≤10% last Fiscal Year

Total Fund Balance Percentage 8.10%

Indicator 3 of 7 Operating Deficit / Surplus – General

Fund• Three year analysis• Annual revenues must

exceed annual expenditures

• Use of appropriated fund balance reduces current year revenues

• No points in 2013

Indicator 4 of 7 Cash Ratio

• One year analysis• Cash verses current

liabilities• No Points in 2013

Indicator 5 of 7 Monthly Expenditures

• Prior year only – one year period• General Fund• Actual cash verses monthly expenditures • No points in 2013

Indicator 6 of 7 Short Term Debt Issuance

Description Data  Total

Points  Points Score

3 Points > 15% Debt Issued - RAN

$2,500,000

3 2 3.70%2 Points >5% But ≤ 15% Total Revenues $

35,403,165

1 Point > 0% But ≤ 5% Debt/Total Revenues 7.00%

Indicator 7 of 7 Short Term Debt Issuance Trend

Description Data  Total

Points  Points Score

3 Points = Issuance in 2011 Debt Issued - RAN $0

3 1 1.30%2 Points = Issuance in 2012 Debt Issued - RAN $0

1 Point = Issuance in 2013 Debt Issued - RAN $2,500,000

Highland’s Fiscal Stress Score: 30%

Summary• Total Score of 30 –

“Susceptible to Fiscal Stress”• Low Fund Balance• Necessity for Short Term Debt• Environmental Weighting for Failed

Budget Votes