Capital Projects Propositions on Huntington School Ballot
Huntington School Board members have approved placing a pair of capital project propositions on the May 21 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. Residents established the fund, also commonly referred to as the Capital Reserve Fund, in May 2008 to finance renovation and reconstruction projects.
"It is critical for us to maintain our attention to building infrastructure, as our facilities continue to age and require upgrade and repair," Superintendent James W. Polansky. "Fortunately, Huntington school buildings have been well attended to through the years, therefore the majority of our capital needs are easily anticipated and expenditures budgeted incrementally in the intermediate and long terms."
The proposed projects include renovation of the boys' and girls' locker rooms at J. Taylor Finley Middle School ($560,000), renovation of the girls' locker room, library masonry wall repair and roof replacement and kitchen and basement hallway electrical upgrades at Huntington High School ($445,000), replacement of the original in-ground oil tank at Jack Abrams School ($192,500), replacement of the clock system and stage wiring at Jefferson Primary School ($66,000) and replacement of the original public address system and purchase of the modular classroom complex at Woodhull Intermediate School ($452,000).
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 establish the new fund since the one established in 2008 has now reached its funding limit of $10 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, 2013 through June 30, 2021. Monies the district manages 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.
If the district, through stringent fiscal management, spends less money in any year, Huntington School Board members 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 can 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.
"With just over $1 million remaining in terms of existing Building Improvement Fund contributions, the timing is right for the establishment of a new reserve," Mr. Polansky said. "This will permit our sustained focus on our capital needs over time, with proper planning and budgeting remaining the essential ingredients."