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New Scotland Archives The Altamont Enterprise, October 8, 2009
VCSD holds Oct. 20 vote for reserve funds
By Saranac Hale Spencer
VOORHEESVILLE A special vote for reserve funds in the school district will be held on Oct. 20.
Residents will vote on two funds one is a capital reserve fund for land acquisition and the other is a repair reserve fund.
When the school board voted in August to set a public vote for the land acquisition reserve, it was intended for property to house a new bus garage. Board member Kevin Kroencke voted against the measure, citing concerns that the plans weren’t specific enough.
Sarita Winchell, the district’s assistant superintendent for business, stressed at the time that the board can put a stated change in purpose for the money before the voters at any time.
The reserve will have a 20-year life and will be funded by the unappropriated fund balance, which is money from the previous year’s budget that wasn’t used. It will begin with a $25,000 deposit, according to the district.
The district can legally retain only 4 percent of that money, Superintendent Dr. Teresa Snyder said, but these are legal reserves for the remainder.
The second proposition, for a repair reserve, would provide money for “funding the most expensive repairs to the facilities… It is no different than a homeowner saving up for a large repair,” according to a bulletin the district is sending to residents.
The district has a $200,000 surplus that would fully fund the reserve, according to the district.