Assemblywoman Barbara Lifton announced yesterday (October 7) that Governor Cuomo has signed into law her bill allowing the Ithaca City School District (CSD) to create an insurance reserve fund.
Two years ago, the District elected to self-insure its employees as a way to cut down on healthcare costs and save taxpayers money.
Current state law prohibits school districts from keeping more than 4% of their budget in a reserve fund, but the new legislation now specifically allows for Ithaca CSD to do so in order to meet its self-insurance requirements.
“I’m very pleased that I was able to get this critical bill passed at the request of the Ithaca City School District,” said Assemblywoman Lifton. “At a time when school districts across the state are struggling with the burden of rising healthcare costs, this bill will give the school district a useful tool to manage costs more effectively, helping local taxpayers.”