When Huntington School District residents go to the polls on Tuesday, May 16 they will be asked to consider a pair of capital reserve fund propositions.
The district has been utilizing capital reserve fund monies to cover costs associated with renovation and reconstruction projects in all eight school buildings for many years. Such use has allowed Huntington to drive down its bonded indebtedness to below $2 million, one of the lowest debt levels among school districts on Long Island and in the state.
The first capital reserve fund proposition, if passed, would allow the district to spend $2.495 million of existing Building Improvement Fund monies for roof replacement at Washington Primary School; replacement of two boilers at Jack Abrams STEM Magnet School; replacement of exterior doors and the wood shop area roll-up door at J. Taylor Finley Middle School; replacement of four exterior doors and the vestibule in the main lobby at Woodhull Intermediate School; construction of a security vestibule at Southdown Primary School. Passage of this proposition will not increase taxes.
The second capital proposition seeks permission to create a new Building Improvement Fund for the purpose of completing district-wide renovation and reconstruction projects. Existing budget monies would be used to capitalize the new fund. For example, if in any given year, the district spends less money than it had anticipated, these surplus monies could be transferred by the school board into the Building Improvement Fund.
The new fund could only be used for capital projects, including new school roofs, windows, doors, boilers, facility improvements, etc. The district would be able to apply for state aid on any capital project it completes. This fund would utilize existing budget monies and allow the district to avoid borrowing funds through a bond issue and associated interest costs. Passage of this proposition will not increase taxes.
Huntington’s low level of indebtedness and strong financial position led Moody’s Investors Service to assign a rating of Aa1 to the district, which is far above the national school district median rating of Aa3.