To the delight of Governor Cuomo, hundreds of New York Public School districts are living within their means; abiding by the constraints of the two percent property tax cap.
But there's a price to pay going into the 2012-2013 academic year; and educators are no doubt shuddering at what may lie ahead.
In the form of teacher layoffs, cuts in non- teaching positions, larger class sizes, and the reduction or elimination of electives and extracurricular activities including sports.
The New York State School Boards Association and New York State Association of School Business officials have just released a survey of more than 400 school districts.
The findings paint a grim picture of the new academic year.
And as bad as things look for 2012-2013, it's just the beginning.
Michael Borges, Executive Director of the Association of School Business Officials, says districts' reserve funds are being depleted at a rapid rate.
"Almost 100 percent of the school districts are tapping into their 'rainy day funds,'" Borges said.
"We can see within two to three years, they won't have any reserve funds to tap into, which will lead to financial insolvency."
What this portends for public education in New York in the coming years remains to be seen. Possibilities include district consolidation on a mass scale and regional middle and high schools with enrollment in the thousands.
"According to the state Education Department, by 2016 there will be a lot of school districts facing this financial crunch," Borges said.