Capital Reserve Proposition
A separate proposition will appear on the ballot and seeks the establishment of a capital reserve fund to offset future capital costs to taxpayers. There is no cost to establish a reserve; the reserve is only funded if the annual budget does better than planned, and any funds placed in the capital reserve can only be expended on capital improvements with voter approval.
Capital Reserve Fund FAQ
What is a capital reserve fund?
A capital reserve fund allows the district to set aside money for future construction projects and major purchases, much like a savings account. The capital fund cannot be established without voter approval, AND reserve funds cannot be spent without voter approval.
Where does the money for the capital reserve fund come from?
Money is only added to the capital reserve fund if the District performs better than originally planned at the end of the fiscal year.
Will my taxes go up due to the establishment of a capital reserve fund?
No, taxes do not increase due to a capital reserve fund. The fund only accrues a balance if the District finds efficiencies or realizes unexpected savings at the end of the district’s fiscal year.
Why add a Capital Reserve Fund?
A capital reserve fund is like a savings account and reduces the need for future capital & borrowing. Less money borrowed means less interest paid, a reduced outlay for capital projects, and less cost to taxpayers.
What kinds of projects can the money be used for?
Major building projects or purchases can be funded using a capital reserve, such as building additions, boilers, and renovations. The capital reserve fund can only be used with voter approval; any proposed project using the fund would have to be presented to and decided upon by the community.
How can a capital reserve help save taxpayer dollars?
Districts can use capital reserve monies to lower the amount required to borrow to fund capital projects. By using cash from the capital reserve fund, hundreds of thousands of dollars in interest costs can be avoided over the length of a 15 or 20 year repayment schedule.
Budget PresentationBudget DetailCapital Reserve Proposition Voting InformationAwards & AchievementsDistrict NewslettersHarrison High School ProfileBudget Vote and Election Results Available May 16th
Budget Highlights
Tax Levy within CapSince New York State’s adoption of the mandated tax levy cap, the Harrison Central School District tax levy has been at or below the cap. Once again, the proposed 2023-24 Budget reflects a levy increase of 1.79%. |