Onteora facing empty coffers

The Onteora School District could be broke by 2016, according to a financial expert who addressed the school board on Wednesday. According to the Daily Freeman, Richard Timbs, the financial advisor, had dire news:

If the district continues on its present course, Timbs said his model projects, the district’s reserves will be fully drained by 2016, assuming 2 percent annual tax increases under the cap, and by 2017, the district could run an $11.38 million deficit.