Through refinancing one of the district’s 2002 construction bonds (from 4 percent to 1.46 percent), Assistant Superintendent for Business & Finance, Dana DiCapua, reports a savings of nearly $194,000 will be realized by the district over the next seven years.
DiCapua also announced that, as of Jan. 14, New York State rated Garden City Public Schools as having a “0” (the best ranking) in a fiscal stress test of the district’s finances.
The stress test is a tool used by the Office of the Comptroller to provide a uniform snapshot of fiscal health of school districts and municipalities across the state. It is intended to be used annually as a way for the state to verify that school districts are using their resources prudently, responsibly and efficiently (fund balance, reserves, cash balance).
Submitted by the Garden City School District
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