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A proposition to increase the limit on the district's Capital Reserve Fund

Proposition #2

The exact language that will appear on the May 17 ballot regarding Proposition #2 follows below.

 

Shall the resolution adopted by the Board of Education of the City School District of Albany on March 17, 2016, authorizing the City School District of Albany to amend the Capital Reserve Fund approved by the voters on November 5, 2013, to increase the maximum amount for the Fund to $18,000,000 and to increase the probable duration to ten years from the approval of this amendment, be approved? The  Capital Reserve Fund will continue as follows: (1) to be for the purpose of financing the purchase of, and general improvement, reconstruction, renovations or additions to the District’s buildings, including the acquisition of sites (land and/or buildings), site work and the acquisition of original furnishings, equipment, machinery or apparatus required for the purpose for which such buildings are to be used; (2) the maximum amount for such fund shall be capped at $18,000,000; (3) deposit into the Capital Reserve Fund such portion of the General Fund, unallocated fund balance and/or the unencumbered proceeds from the sale of school buildings as determined by the Board of Education. The probable duration of the Capital Reserve Fund is ten (10) years from this amendment.

In addition to the 2016-17 budget proposal, Albany voters will be asked on May 17 to consider a proposition that will allow the City School District of Albany to set aside more money in its Capital Reserve Fund, a savings account for long-term building projects. The fund will not raise taxes and is intended to help offset the tax impact of future construction projects and ongoing building maintenance.

 

Voters approved creation of the fund in 2013 and capped the amount at $8 million. Proposition #2 on the May 17 ballot would increase the amount that can be set aside to $18 million.

 

The district operates 21 buildings that house more than 11,000 students and staff during the school year – buildings that require continuing upkeep. If a majority of voters say yes May 17, the district would be allowed to make deposits to the fund from a variety of sources, including school district reserves. Additional voter approval would be required in the future before the district could withdraw money from the fund.

 

As an example, voters in 2015 approved the use of money from the Capital Reserve Fund for facilities improvements at 14 buildings throughout the district. The district is matching $4.9 million from the Capital Reserve Fund with state aid to complete $14 million in project with no additional impact on taxes.

 

For more information about Proposition #2, contact the district Business Office at 475-6020.

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