Overview
Why a Capital Project?
Just like a home, school facilities need regular attention and upkeep to continue to operate as originally intended. The cost of keeping up with the daily wear and tear can rise above what the annual school budget can support. Capital improvement projects are a way for school districts to access state aid to complete larger amount of facilities work than possible within the scope of the annual school budget.
Project Overview
Proposed Cost: $18,600,000
Proposed tax impact for residents: No additional increase in taxes.
Financing
State Building Aid is expected to cover 89.6% of the total project’s approved costs. The district plans to fund $700,000 from its capital reserve funds and to finance the remaining local share.
The project would address key health and safety measures, as well as improvements to the district’s athletic fields.
It would have no additional tax impact on residents. The project is timed to align with past capital project debt. This ensures that no additional taxes would need to be levied to support the proposed project.
The remaining project costs would be covered by a combination of New York State Building Aid and funds from the district’s capital reserve, which is similar to a savings account for facility projects.