Both Riverhead and Shoreham-Wading River school districts have favorable fiscal outlooks, according to a report by the New York State Comptroller’s Office.
The report, which details fiscal conditions for municipalities state-wide, shows both districts aren’t in financial trouble.
The report is based on “financial indicators” that indicate fiscal health, with school districts earning points for poor fiscal policy, said Brian Butry, a spokesperson for the comptroller. The report lags behind one fiscal year, so the most recent 2015 report released last week reflects data from the 2014 fiscal year.
According to the data, Riverhead has a 10 percent “fiscal stress rating,” well below the 25 percent rating that qualifies a district as being susceptible to financial trouble. The future looks even brighter in Shoreham-Wading River, where its 8.3 percent rating from 2014 is projected to drop further next year, based on current trends.
Neither district were cited for their reserve funds, which is weighted heaviest by the Comptroller’s office in the final rating. Instead, both districts were cited for a drop in property values and short-term debt. Riverhead was given another point due to its lower graduation rate, according to the report.