Capital Projects Proposition on Huntington Ballot
A capital projects proposition will appear on the Tuesday, May 17 ballot in the Huntington School District after trustees voted 7-0 to ask residents to release monies held in the district's Building Improvement Fund, which voters established in May 2008 to finance renovation and reconstruction projects.
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 projects on the May 17 ballot include the replacement of in-ground oil storage tanks at Flower Hill and Jefferson primary schools and Woodhull Intermediate School. Architects estimate it will cost $215,000 to replace each of the 10,000 gallon tanks. The new tanks will be able to store 8,000 gallons each. The current tanks are original to each respective building. Flower Hill opened in 1954, Jefferson came on line in 1962 and Woodhull's door swung open in January 1967.
The capital reserve fund proposition will also include $39,000 to finish a set of projects funded by the state's EXCEL program. These new monies are needed as a result of change orders necessitated by unanticipated costs sustained during the completion of the earlier approved projects.
"Approval of this proposition is an attractive alternative to the district going out and bonding the work," Superintendent John J. Finello said.
If voters support release of the funds, taxes will not increase since the monies are already in place. No new revenues are required. The funds represent dollars already provided to the district by taxpayers that, because of tight fiscal management and economizing, weren't needed to pay for regular school operations. The source of the funding is the annual transfer of surplus monies from the district's general fund.
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 are eligible for state aid. In May 2008, residents voted to allow the transfer of up to $10 million of surplus monies into the fund over the life of its authorization.