An important capital reserve fund proposition is on the ballot in Huntington UFSD

Capital Reserve Fund Proposition on June 9 Ballot

An important capital reserve fund proposition is on the ballot in Huntington UFSD.

May 27, 2020

Huntington UFSD’s use of capital reserve funds has allowed the district to avoid borrowing large sums of money, incurring interest costs and accumulating debt. The district currently has less than $1.4 million in long-term debt, which is substantially below almost every other Long Island school district.

If residents approve release of the Building Improvement Fund monies, the district will be able to complete all of the projects without needing to bond or borrow any of the funds necessary. There will no tax rate impact if the funds are released. The district will also be eligible to be reimbursed by the state for approximately 37 percent of final costs.

The projects that will be on the June 9 ballot include:

Huntington High School

  • Partial roof replacement: $1 million

J. Taylor Finley Middle School

  • Replace two original 1965 boilers: $1 million
  • Reconstruct two science classrooms/labs and prep rooms: $1 million
  • Reconstruct portions of corridors, hallways and/or floors related to a previously voter approved locker-room renovation project: $20,000 (Funded from the May 2019 proposition)

Jack Abrams STEM Magnet School

  • Renovation of the auditorium seating and flooring: $300,000

Southdown Primary School Solar Power Project

  • Install solar panels on the roof of Southdown Primary School: $340,000

District total: $3,640,000

“It is important that the public be reminded that the reserve monies are targeted and can be used only for capital/infrastructure work that is desperately needed in buildings that are over 60 years old,” Superintendent James W. Polansky said. “Further, use of the funding will have no impact on the tax levy or rate.”

The Huntington School District is well-positioned to tackle possible renovation and repair projects with $4,167,779 million held in capital reserve fund accounts. By maintaining a well-funded reserve, the district can avoid borrowing costs to upgrade its facilities.

The monies in the capital reserve fund represent dollars already provided to the district by taxpayers that, because of tight fiscal management and economizing through the years, 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.

Should the proposition pass on June 9, the district’s architectural and engineering firm of BBS will formally design each of the projects and submit the plans to the State Education Department for approval. Once SED approval is received, the district will seek bids for the work. District officials are hopeful that the bids will come in below estimates, lowering the cost of the projects.