Greenport school district voters will be asked to approve a proposition to establish a capital reserve fund in May. The measure would allow the district to place up to $750,000 a year for the next 10 years in a reserve fund to be used for capital improvements in the district. It would only be funded when surplus money is available.
The Board of Education last week unanimously adopted a resolution to place a proposition to establish the reserve fund on this year’s ballot, the district said in a press release.
The capital reserve fund would reduce the level of borrowing for future capital improvements and avoid the need to increase taxes to fund improvements to the school building, Superintendent David Gamberg said. It’s needed to support “an aging building,” according to the press release.
“This reserve will represent a financially prudent and wise fiscal position for the taxpayers of Greenport,” board president Babette Cornine said.
Once the fund is established, voter approval would be required for all proposed expenditures.
Voting on the school budget and the capital fund proposal takes place May 16.
