Capital Projects Propositions on Huntington School Ballot
Huntington School Board members have approved placing a pair of capital project propositions on the May 20 ballot. Passage of the propositions will not require an increase in taxes.
The first of the two propositions would authorize the release of funds held in the district’s current Building Improvement Fund. In June 2003, voters established the fund, also commonly referred to as the Capital Reserve Fund, to finance renovation and reconstruction projects.
The proposed projects include construction of additional classroom space at Woodhull Intermediate School ($850,000), reconstruction of a deteriorating exterior wall at Huntington High School ($405,000), construction of a security guard booth at Huntington High School ($25,000), completion of ceiling replacement at Woodhull ($120,000), replacement of the Southdown Primary School fire alarm system ($112,000), irrigation of the athletic fields at Washington Primary School that are used by high school teams ($64,000) and construction of a large asphalt play/activity area on the south side of Huntington Intermediate School, just east of the cafeteria exit ($72,000).
Since the funds for the proposed projects already exist in the capital account, the district will not have to borrow any money, pay interest or raise taxes. The district would also be eligible for state aid on a percentage of the expenditures associated with the projects.
The second proposition seeks authorization to create a new Capital Reserve Account, which would also be known as the Building Improvement Fund. Residents are being asked to create the new fund since the one established in 2003 has now reached its funding limit of $8 million and will effectively expire. If voters approve the establishment of the new fund, it would allow for the annual transfer of surplus monies, if any, from the district General Fund into the capital account.
Specifically, the district would be able to transfer up to $2 million in any given year as may be available at the end of each fiscal year from June 30, 2008 through June 30, 2016. Monies the district managed to save during the course of the year, which weren’t needed to educate students and keep the eight buildings in good order, could be transferred into the new fund. The amount transferred could vary depending on potential surpluses, if any.
“Approval of these propositions is an alternative to the district having to go out and bond the work,” Superintendent John J. Finello said.
Mr. Finello stressed that “existing budget monies would be used to capitalize the new fund.” For example, if the district, through tight fiscal management, spends less money in any year, the School Board could move a portion of the funds into the Building Improvement Fund for renovation and repair projects. However, residents would still have to approve any expenditure of the funds.
Monies in the Building Improvement Fund could only be used for capital projects, including new school roofs, windows, doors, boilers, facility improvements, etc. Completed projects would be eligible for state aid. The district would be allowed to transfer up to a total of $10 million into the fund over the life of its authorization.
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