A new report out last week from the New York State Association of School Business Officials, “A Tale of Two Insolvencies,” concludes that a number of schools around the state are facing both fiscal insolvency, in which they are unable to pay their bills, and educational insolvency, in which they are unable to provide a sound basic education.

The report analyzed State Education Department data on the unrestricted fund balances (or “savings”) of school districts across New York in an attempt to provide a clear picture of the fiscal health of public education in the state. And the results were not good. In fact, “if current trends continue, approximately 215 lower wealth school districts could begin to lose all of their savings by 2015.”

Scary stuff.