Construction Capital Reserve Fund (2010)
This reserve may be used to fund the cost of construction, general improvement, reconstruction, renovations or additions to the District’s buildings, including site work and the acquisition of original furnishings, equipment, machinery, or apparatus required for the purpose for which such buildings are to be used. The Capital Reserve Fund is used to pay the cost of any object or purpose for which bonds may be issued.
The reserve is intended to reduce the impact to district residents of capital projects.
Education Law, §3651
Source of Funds:
Voter approval is required to establish and fund this reserve.
Voter authorization is required to establish the reserve and to spend from the reserve. The form of the required legal notice for the vote on establishing the reserve and the form of the proposition to be placed on the ballot are set forth in §3651 of the Education Law. Expenditures must be specific i.e., to purchase school buses, facility construction, equipment, etc.
Use of Reserve:
Use of this reserve requires voter approval. The proposition to use these funds must specifically establish the scope of the project and maximum dollar amount.
Unexpended funds may be transferred to other funds only with voter approval.
Reserve may be liquidated by approval of voters if funds are no longer needed for the original purpose.
Proceeds must be applied first to outstanding bond indebtedness then to tax levy
This reserve was authorized by BOE resolution on March 19, 2009, approved by voters on May 19, 2009 and established on July 1, 2009.
The reserve was initially funded at a level of $185,000, authorized up to a maximum level of $2,000,000.
In accordance with the approved proposition, this reserve is funded entirely from excess fund balance or excess amounts in the Employee Benefit Accrued Liability Reserve.
The probable duration of the reserve is ten years from the date of establishment.
Ideal Balance: .
Transfer remaining balance to unassigned fund balance to offset the cost of the capital outlay project in 2021-2022. Approved by voters on May 18, 2021.
Balance at June 30, 2021: