Why the District is asking the voters to decide whether or not to approve the establishment of a
“Buildings and Facilities Improvement Reserve Fund” for the Putnam Valley School District—
- Gives us a place to plan for the future upkeep and maintenance of buildings and facilities.
In turn this keeps budgets from being impacted adversely by maintenance and building projects, and allows budgeting to be more predictable for it’s academic planning.
- Money cannot be expended directly from the reserve without voter approval and has a broad
spectrum of uses.
- The Reserve can be used for additions, improvements, reconstruction, and equipping of School District Buildings, facilities and athletic fields and tracks, including original furnishings, equipment, machinery as well as incidental improvements and expenses in connection with a specific project.
- The Reserve can be funded with remaining appropriations or revenue surplus at June 30 before the
District closes the books at the end of the fiscal year. NO new money has to be budgeted for this purpose.
- Having a Capital Reserve Fund means that no borrowing or only partial borrowing takes place, therefore
no debt or less debt is created while still generating the same amount of building aid.
This vote will be held on Tuesday, December 8, 2015
at Putnam Valley High School between the hours of 3 p.m. and 9 p.m.