The Huntington School District’s repair reserve fund holds nearly $363,000. The fund was created by the Huntington School Board on February 12, 2007 and originally capitalized through a dedicated line in the budget approved by district residents in May 2008. The fund is used to pay for unanticipated, non-recurring repairs to facilities and equipment.
The repair reserve has been funded since 2008/09 through an annual dedicated budget line amounting to $40,000. Voter approval is required to fund the reserve. Authorization is obtained when residents approve the yearly budget proposition. The fund currently holds $362,912.
In accordance with the law, a public hearing must be held in order to use funds from this reserve, except in an emergency. Funds used without holding a public hearing must be repaid to the fund over two years. To date, repair reserve funds have been used for tennis court repairs, installation of tank alarms for underground fuel tanks and to repair a school roof.
New York State General Municipal Law authorizes districts to create repair reserve funds. Interest earned by monies contained in the reserve and credited to the fund.
When the repair reserve fund was created, a maximum cumulative contribution limit of $1 million was established. The district’s assistant superintendent for finance and management services monitors the fund.