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Saving for the future: Capital Reserve Fund Proposition on the May 17 ballot

On Tuesday, May 17, residents of the Washingtonville Central School District will vote to approve the $116,675,305 proposed 2022-23 school year budget. In addition to the proposed budget, voters will be asked to decide on a proposition to authorize the establishment of a 10-year Capital Reserve Fund, pursuant to Section 3651 of the education law.

If approved, the reserve would be used to pay for all or a portion of the costs of renovation, construction, reconstruction and improvements to district buildings and facilities. School buildings, much like a person's house, experience daily wear and tear but at a much faster rate given the amount of people served within the buildings. In order to keep WCSD’s facilities in good working order, regular maintenance and improvement work needs to occur. The Capital Reserve Fund allows the board of education the discretion to put monies away and earmark it for such work when it becomes necessary. School district reserve funds are similar to a homeowner's savings account and allow a district to plan ahead and save incrementally for the future.

Over 10 years, funds are deposited and used to offset the amount needed to borrow for any future capital projects. The Capital Reserve Fund will reduce the taxpayer impact by lessening the amount borrowed. WCSD will still receive building aid on any future capital projects when the money is set aside to pay for the project.