District says LIPA tax break is cutting its revenue and it is holding extra savings to cushion it

What happened

At the Oct. 14 meeting the external auditor noted the district's unassigned fund balance is 4.02% of next year's budget, just over the 4% state limit. District finance leaders said that is on purpose. They said the LIPA "glide path" tax deal cuts what the utility pays by about 45% over seven years, and could cost up to about $32 million in total.

Why it matters to families

Oceanside has not cut programs or teachers because of this loss, but the savings that cushion it are limited. The loss shrinks each year, which can push toward higher taxes or cuts later.

The evidence

Oct. 14, 2026 meeting recording transcript (auto-captions): auditor's statement of 4.02%, and the assistant superintendent's statements about the glide path, about $8 million falling to a little over $4 million a year, and up to $32 million over seven years. These are officials' statements, not audited figures. The district's budget page also names the glide path.

The source