New Building Improvement Fund on May 21 Ballot
Huntington School Board members are asking district residents to approve creation of a new Building Improvement Fund for the purpose of completing district-wide renovation and reconstruction projects.
Residents will be able to vote on the proposition on Tuesday, May 21 at Huntington High School from 6 a.m. to 9 p.m. The same ballot will include the 2013/14 budget proposition, a proposition that seeks release of monies in the existing capital reserve fund and the election of two members to the Huntington School Board.
If approved by residents, the new Building Improvement Fund would operate similar to its predecessor funds. Existing budget monies would again be used to capitalize the new fund. For example, if in any given year the district spends less money than it had originally anticipated, these surplus monies could be transferred by district trustees into the Building Improvement Fund. The fund could only be used for capital projects, such as new roofs, windows, doors, boilers, facility improvements, etc.
If residents approve of the fund's creation, the district would be authorized 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. The fund's ultimate capitalization would be capped at $10 million, plus interest. Voters would still have to give permission before the district actually begins any project.
The Huntington School District would be able to apply for state aid on any capital project it completes. The fund would allow the district to avoid borrowing monies for capital projects through a bond issue. Passage of the proposition will not increase taxes.