(May 1, 2018) -- This proposition seeks voter approval to establish a Capital Reserve Fund in the amount of $1,000,000 over a 10-year period to help pay for repairs, maintenance and improvements to district facilities and equipment. Establishing such a fund is not part of the general budget and therefore would not cause taxes to increase.
Establishing a Capital Reserve Fund would allow the District to plan for the long-term needs, both planned and unplanned. It would protect the District from unanticipated or emergency needs without having a significant impact on the overall school budget.
Additionally, voter approval is required for the District to use these funds for non-emergency expenses. As the District plans for its next capital project, with “shovels in ground” in 2020, a Capital Reserve can be used to offset the costs associated with the project. Upon voter approval, money from this fund could be used to “pay down” the annual bond payments tied to the project.