A proposition to create a capital reserve fund for Herkimer Central School District will be on the ballot as part of the district’s May 16 school budget vote and Board of Education elections.
The voter-controlled capital reserve fund would allow the district to set aside any surplus funds up to $3.5 million, for up to 10 years, to address future construction needs.
The fund, which would function like a savings account for the district, would only accumulate money if there is a surplus of funds at the end of the district’s fiscal year. The fund cannot be spent without voter approval, and would not affect taxes.
The reserve fund would help the district fund the portion of any future project not covered by state building aid, lessening the need for future tax increases to complete needed work.
The Herkimer Central School Board of Education approved the proposed $24,414,000 budget for the 2017-18 school year at its April 12 meeting. The budget will go before voters on May 16. Polls will be open at the high school from 1 to 9 p.m. Read more about the budget development process on the Budget & Taxes page.