Cash reserves held by Long Island school districts climbed to nearly $3.64 billion during the 2024-25 academic year — up 12% from last year, Newsday found in a review of state financial records.

About a fifth of those reserves, or $785 million, were "unrestricted" funds — that is, money that can be spent at districts’ discretion. New York State law bars districts from stockpiling this money beyond an amount equivalent to 4% of their annual operating budgets.

Newsday found that 19 Long Island school districts had accumulated unrestricted cash surpluses above the state’s legal limit — the same number as last year.

There are no penalties for violations of the law regarding unrestricted cash reserves.

John Hildebrand and Michael R. Ebert report in NEWSDAY that districts’ cash surpluses are a hot-button issue in this region, where taxpayer advocates contend that such money should be applied to tax reductions rather than sitting in banks. School taxation in the region accounts for more than 60% of homeowners’ property-tax bills, which rank among the nation's highest.

School officials insist, on the other hand, that these funds serve as an essential hedge against inflationary cost increases, economic downturns or potential losses of federal and state school aid.

The prospect of losing state aid is a key concern this year for both state and local school officials, as negotiations now underway in the U.S. Congress could lead to cuts in funding for Medicaid. Costs of that health program are shared by federal, state and local authorities, raising the possibility that any cuts on the federal level would have to be made up by New York State. That could then mean less money available for state financial assistance to schools.

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Southampton Town police are looking for a hit-and-run driver who police said struck and killed a prominent real estate agent who was found lying in the road early yesterday in Hampton Bays.

John Asbury reports in NEWSDAY that police said Sara Burack, 40, of Southampton, was struck by an unknown vehicle that sped away from the crash, which occurred before 2:45 a.m. Thursday on Montauk Highway. Police said Burack died from her injuries Thursday afternoon.

Burack was a former real estate agent for Nest Seekers International, a Hamptons and New York City-based real estate agency of high-end properties. She was also featured in the Netflix series "Million Dollar Beach House," set in the Hamptons.

A 911 caller reported an injured woman seen on Montauk Highway at about 2:45 a.m. yesterday near Villa Paul Restaurant, west of Springville Road in Hampton Bays.

Police said Burack was transported by ambulance to Stony Brook University Hospital.

Detectives and a New York State Police accident reconstruction unit were investigating the crash.

Police did not provide a description of the driver or the vehicle.

Police are asking anyone with information to call 631-702-2230 or 631-728-3400.

Burack left Nest Seekers more than a year ago but stayed in close contact with former colleagues and friends, said Geoff Gifkins, the Hamptons regional manager for Nest Seekers.

"Our thoughts and prayers are with family and friends," Gifkins said in a message. "Please be kind and respectful as this is a tremendous loss to her parents and close friends."

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Rogers Memorial Library in Southampton invites you to their GRAND REOPENING CELEBRATION tomorrow afternoon from 2pm to 4pm…with a ribbon cutting ceremony at 2:30pm on Saturday.

RML promises food, fun, and festivities for all ages. Plus, a door prize and giveaways.

Explore the NEW BOOKMARK CAFÉ – Study rooms – Tech Lab – Teen Space – updated family room – and more.

That’s tomorrow from 2pm to 4pm at the Rogers Memorial Library, 91 Coopers Road in Southampton Village.

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The Shinnecock...