Valley Central School District

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Feb. 9, 2016 - Update on final cost reports

Valley Central School District officials continue to work closely with the State Education Department (SED) to ensure that a series of final cost reports for two separate capital projects occurring between 2008-11 are filed properly.
 
As of February 9, 2016, five of these six reports have been finalized and sent to SED, well in advance of the June 30 deadline. The district expects the sixth report to be filed within the next two weeks.   The District is working with the State Finance Committee to recoup this aid in the current school year. If we are unable to do so then we will be penalized by having the aid deferred to future years once the reports have been filed.
 
The District was notified in December of 2015 that they would receive $534,934 in prior building aid that has been finalized since past projects have been closed out by SED and the review of these projects has concluded.  SED officials estimate that this aid will be received within the next 3-5 years.
 
The district does not expect the delay in state aid to impact taxpayers or its reserve fund. The district has experienced a great deal of savings this year through energy savings programs, employing skilled maintenance labor to defray the cost of outside vendors, an increase in PILOT programs, tuition billing, a decrease in health insurance premiums and BOCES refunds, among others. 
 
We will continue to update you on this process as more information becomes available.



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