Capital Reserve Proposition Begins to Take Shape

While Huntington School Board members have not yet taken any final action, the outlines of a possible capital reserve fund proposition are coming into focus in the Huntington School District. Should there be such a proposition and such it pass, there will be no impact on the tax rate.

Superintendent Christian Bowen and Assistant Superintendent Dr. Rubie Harris outlined $4,565,800 worth of possible capital reserve projects in the district that are being considered for the May 21 public ballot. Another project estimated at $250,000 would be funded out of the regular budget through a transfer to capital line.

Monies for the possible projects already exist and are set aside in a reserve fund created by residents to cover the cost of such projects. The district will not need to borrow or incur any interest expenses should a proposition be placed on the ballot and be approved by residents.

Monies the district is able to save during the course of a year can be transferred into the Building Improvement Fund and used to keep Huntington’s eight buildings in good shape.  These monies can only be used for capital projects, including new school roofs, windows, doors, boilers, facility improvements, etc. Completed projects are eligible for state aid. District residents must approve any expenditure of funds.

The possible projects include a major upgrade to the Huntington High School auditorium, including sound, lighting, seating, cameras, video screens and an assortment of overall technological enhancements. The auditorium was constructed over parts of 1957-58 and has never before undergone such a sweeping renovation. The high school opened in November 1958.

Also under consideration is the renovation of two visitor restrooms off the auditorium lobby, the third of four phases to replace the roof at Jack Abrams STEM Magnet School and the installation of air conditioning in the STEM cafeteria.

A $250,000 transfer to capital from the regular school budget would allow for the installation of cross corridor smoke doors at both Southdown and Washington Primary Schools.

A final decision on which projects to include in a possible May 21 proposition will be made during an upcoming public meeting of the Huntington School Board.

The Huntington School District is well-positioned to tackle possible renovation and repair projects with more than $5 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.

The monies in the capital reserve fund 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.