Utica, NY – The State Comptroller's Office will soon perform an audit of the Utica School District.
The audit comes after Moody's Investor Service warned the district that it was nearing junk bond status.
The district has long struggled financially. It has diminishing budget reserve, maxed-out debt, and is now facing a likely cut in state aid.
The school district will end the fiscal year with a deficit.
Utica's Superintendent, Daniel Lowengard, tells the Associated Press he welcomes the audit and a chance to improve the schools credit rating.
A low credit rating makes it harder for the district ro borrow the money it needs. That means the increased gap is passed onto Utica taxpayers.