Capital Reserve Fund Proposition on May 21 Ballot

Huntington School Board members have approved a capital reserve fund proposition and placed it on the May 21 ballot. If the proposal is approved by residents it will fund an estimated $4,565,800 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 associated with renovation and reconstruction work.

The projects will utilize monies drawn from the 2008, 2013, 2017, 2018 and 2022 Building Improvement Funds. The monies in the capital reserve fund represent dollars already provided to the district by taxpayers that weren’t needed to pay for regular school operation because of stringent fiscal management and economizing. 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 on the May 21 ballot include:

Huntington High School

• Auditorium renovations and improvements: $2,690,800

• Renovation and reconstruction of two bathrooms off the auditorium lobby utilized by visitors; auditorium events and during the school day: $425,000

Jack Abrams STEM Magnet School

• Phase III of roof replacement: $1,000,000

• Installation of cafeteria air conditioning: $450,000

Should the proposition pass on May 21, 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.