State auditors in New York have found that East Islip and Shelter Island school districts on Long Island have stockpiled millions in cash reserves.
The audits say the districts overestimated their budgets for the past few years, causing their reserves to exceed legal capacity. East Islip overestimated its annual budget by over $5 million. The district racked up nearly $13 million between 2015 and 2019.
Shelter Island overestimated its budget by an average of more than $500,000 annually. The district amassed nearly $2 million between 2015 and 2019. The East Islip superintendent told auditors they had to plan for financial uncertainty but says the district plans to make necessary corrections.