The Greenport school board has voted to place a proposition on this year’s ballot to establish a $750,000 capital reserve fund, according to a press release issued Monday. The resolution was unanimously approved at last Tuesday’s board meeting.
If the proposition passes, the capital reserve fund will allow the district to place up to “$750,000 for each of the next ten years to be used for specific capital improvements in the district,” the release states. “There may be years where little or no funds are placed into this reserve and other times when funds up to the $750,000 may be placed into this reserve.”
The capital reserve fund will be paid for through surplus monies and will also require voter approval prior to any expenditure, district officials said. [Scroll down to read the resolution]
“It is very important to note that the voters will have the final say before any funds are expended,” school board vice president Kirsten Droskoski said.
Superintendent David Gamberg described the capital reserve fund as a way to protect “the community’s investment in quality facilities.”
“This is a great way to save money now for capital improvements in the future that will reduce the level of borrowing and not increase taxes to make improvements to the school building,” he said.
Chuck Scheid, assistant superintendent for business, said many of the district’s reserves are “appropriately funded and this new reserve addresses the critical area of supporting an aging building.”
“This reserve will represent a financially prudent and wise fiscal position for the taxpayers of Greenport,” school board president Babette Cornine said.
In 2010, the district gained the community’s support for a $7.48 million bond to fund several capital improvements. Greenport residents also approved a $1.27 million bond that year for green energy projects.
The school budget and capital reserve fund proposition are up for a vote May 16.
File photo: Superintendent David Gamberg. (Credit: The Suffolk Times)