New York State Comptroller Upgrades Financial Status of Elwood School District
District Receives “No Designation” Status, the Highest Classification Available

The Elwood Union Free School District is pleased to report that its financial classification as designated by the New York State Comptroller’s Office has been upgraded. The district has been classified as “No Designation” for the fiscal year ending in 2018. This is the fifth year that the Comptroller’s Office has rated the financial stability of school districts throughout the state.

Various financial indicators are assessed to determine a district’s classification for fiscal stress, including fund balance, cash position and operating deficits/surpluses. The state also assesses environmental factors such as teacher turnover rate, changes in property value and voter approval rate. The district received “No Designation” ratings for both the fiscal stress and environmental stress categories.

“This designation is a direct result of our continued effort to improve the overall financial stability of our district,” said Assistant Superintendent of Business Lorraine Dunkel. “This stability not only allows us to operate more efficiently, but will also assist us in our Moody’s rating when we borrow funds for the voter-approved bond. Overall, it will save our taxpayers money on the interest for our district’s long-term debt.”