On October 7, 2008, NYSASBO held its first ever webinar, “The Economic Crisis and the Implications for New York State Schools” in response to the dire news about the economy. With nearly 250 registered participants from all across New York State, and many more who joined them to listen in, this live web event was an overwhelming success. A panel of representatives from the Office of the State Comptroller, the State Education Department, the financial services industry, and the school business profession discussed the serious and complex issues regarding the economy and the impact on schools in New York State. The panelists, who agreed on short notice to participate, included:

• Carl Fraser, NYSASBO President, East Islip UFSD
• Jane Cordts, First Niagara
• Deborah Cunningham, NYS Education Department
• Joseph Eberle, Sr., South Jefferson CSD
• Douglas Goodfriend, Orrick, Herrington and Sutcliffe, LLP
• Jeff Maddigan, First Niagara
• Mitch Morris, Office of the State Comptroller
• Charles Szuberla, NYS Education Department
• John Traylor, Office of the State Comptroller
• Mark Vislosky, Fiscal Advisors
• Fred Vosburgh, JPMorgan Chase

This panel covered an ambitious agenda:

The Municipal Credit Markets

• How have the credit markets affected cash flow and planned capital projects for school districts?
• How does the municipal borrowing market look in the long term?

Asset Security

• Are school district assets safe?
• What steps should districts be taking to ensure assets are safe?

State Budget Shortfalls

• What are the chances of a mid-year state aid cut?
• What are districts doing in anticipation of potential cuts?

Because we were unable to get to everyone’s questions during the webinar, NYSASBO has created this blog to explore the issue further. We will be posting questions and answers as they become available and we encourage your comments. We hope this will be only the first of many issue-specific blogs created to support the school business management profession.