There are basically only 4 real exit strategies
1) Raise taxes , however the majority of the people who do not use public school are against this and it will only happen if forced
2) Government bailout , could happen, but unlikely as there are other districts throughout the state that have budget issues and they would expect a bailout too. It would set a bad precedent from a state level. There are districts for example that most of the homeowners are either seasonal people (Like the Hamptons) or people without kids like eldery and they could say, we dont want to pay, state bail us out
3) District merging . Merge East Ramapo with a neighboring district , this would work for a while, except the neighboring districts would likely reject as they would be afraid of being outnumbered and out voted and it would become another East Ramapo and the larger district would have the same issues over again.
4) Cut most private school spending, Public vs Private school spending is not equal in the public eyes. People on the greater level do not equate money spent for private schools vs money spend for public schools even if the public school spending isnt mandatory. People would more support a football team or AP classes for the public schools than busing to yeshivas. That is just the way it is, its not only the law its the culture of the society. Private school spending will get cut first. The monitor and the state will demand it before any bailout. People feel private schools are a choice and there is no reason for taxpayers (On the state level) to pay for it