search
Vote to establish a Capital Reserve Fund
What is a Capital Reserve Fund?
The purpose of a Capital Reserve Fund is to efficiently finance future capital projects, such as building infrastructure and other facility improvements to address student and staff safety and security needs. By establishing a Capital Reserve Fund, the District employs a proactive approach to capital planning, ensuring that funds are available in phases, rather than waiting until substantial improvements are needed all at once. A Capital Reserve fund helps to offset local share of future capital projects and helps reduce related borrowing, allowing for minimal or no additional tax impact on residents.
 
How is a Capital Reserve Funded?
Funding of the Capital Reserve Fund would result from unexpended money left at the end of a fiscal year. If there is no unexpended balance, then no money is added to the Capital Reserve Fund. The District emphasizes that taxes will not go up as a result of the establishment of a Capital Reserve Fund; it is not going to raise taxes or increase the budget to fund this reserve. An initial deposit for this fund would come from the outstanding balance of the Insurance Reserve Fund that is being closed. The Capital Reserve Fund would be established for 10 years with additional contributions not to exceed $10 million.
 
Legal Requirements
A Capital Reserve Fund requires voter approval. Qualified voters of the School District must first approve the establishment of a Capital Reserve Fund, its term and dollar amount. After the fund is established, should the District propose a plan for a capital project, the District would return to the voters for approval of the Capital Project and use of reserve funds. 
 
For More Information
Again, a Capital Reserve Fund does not increase the tax levy. For more information, please feel free to call or email Vestal Central School District’s Assistant Superintendent for Finance, Operations & Personnel Clifford R. Kasson at crkasson@vestal.k12.ny.us or 607-757-2211.
 
When and Where Can You Vote? 
Wednesday, December 4, 2019, polls will be open from 10 a.m. – 8 p.m. in the gym of Vestal’s Central Junior School building, which is located off of Main Street in Vestal. It can be accessed from either Main Street or from Clayton Avenue. For reference, this building also houses the Vestal Central School District’s administrative offices and the Vestal Senior Center. 
 
Handicapped Accessibility
If you enter from Main Street south, turn right into the first entrance and around the side there is a handicapped-accessible entry ramp by the Senior Center. Once inside the building, the gym where polling is taking place is across from the Senior Center. If you enter from Main Street north, turn left into the second drive to find the same handicapped accessible entrance. 
 
Print This Article