Huntington School Board members have approved a capital reserve fund proposition and placed it on the May 17 ballot. If the proposal is approved by residents it will fund an estimated $6.640 million worth of projects. It will not result in any increase in taxes since the monies already exist in a reserve fund established to cover costs with renovation and reconstruction work.
The most eye-catching project proposed involves the construction of a new turf athletic field at Huntington High School that could be used by multiple sports and teams along with physical education classes, the Blue Devil marching band and community organizations.
The projects will utilize monies drawn from the 2008, 2013, 2017 and 2018 Building Improvement Funds. 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’s long-term debt will drop below $1 million by the end of the current school year and be completely eliminated by June 2026.
The monies in the capital reserve fund represent dollars already provided to the district by taxpayers that, because of tight fiscal management and stringent 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.
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 a substantial percentage of final costs.
The projects that will be on the May 17 ballot include:
Huntington High School
• Construct new multi-sport turf athletic field: $2.725 million
• Partially replace the roof: $1 million
J. Taylor Finley Middle School
• Parking lot renovations; floor tile replacement in four offices and the common area: $375,000
Jack Abrams STEM Magnet School
• Partially replace the roof: $1 million
Flower Hill Primary School
• Upgrade electric service and switchgear: $350,000
• Install new gas/carbon monoxide detector: $30,000
Jefferson Primary School
• Upgrade electric service and switchgear: $300,000
Southdown Primary School
• Install new gas/carbon monoxide detector: $30,000
Washington Primary School
• Install two new boilers: $800,000
• Install new gas/carbon monoxide detector: $30,000
District total: $6,640,000
Should the proposition pass on May 17, 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.
Establish New 2022 Building Improvement Fund
The second capital related proposition approved by trustees seeks permission to establish a new capital reserve fund formally called the 2022 Building Improvement Fund.
It would exist “for a probable term of ten years” and be funded in an “ultimate amount” of $15 million, according to the text of the proposition. The purpose of the fund is to cover costs “in whole or in part” related to capital improvements to the district’s facilities, “including but not limited to reconstruction and renovation of facilities, roofing, asbestos abatement, heating/ventilation, masonry work, windows, site work and related work, with such funds to be obtained from end-of-year budget surplus funds and/or budget appropriations and the interest accrued on such funds over the term of the capital reserve fund.”
No bonds will be sold or monies borrowed to fund the proposed 2022 Building Improvement Fund.