Capital Reserve Fund Proposition on May 16 Ballot

Huntington School Board members have approved a capital reserve fund proposition and placed it on the May 16 ballot. If the proposal is approved by residents it will fund an estimated $5.935 million worth of projects.

Passage of the proposition will not result in any increase in taxes since the monies already exist in reserve funds established to cover costs with renovation and reconstruction work.

The projects will utilize monies drawn from the 2008, 2013, 2017, 2018 and 2022 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 is below $1 million and will be completely eliminated in three years.

The monies in the capital reserve fund represent dollars already provided to the district by taxpayers that, because of stringent 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.

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 16 ballot include:

Huntington High School

• Lighting on new turf field: $985,000

J. Taylor Finley Middle School

• Reconstruction of two science rooms and a science prep room: $800,000

Jack Abrams STEM Magnet School

• Phase II of roof replacement: $1,200,000

• Pressure boost system: $200,000

Flower Hill Primary School

• Install two new boilers: $800,000

Southdown Primary School

• Install two new boilers: $800,000

Washington Primary School

• Update electrical service and switchgear: $350,000

• Install rooftop solar energy system and transformer: $450,000

District total: $5.935 million

Should the proposition pass on May 16, 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.