Proposition Explained

Proposition Explained
Posted on 05/13/2022
Proposition ExplainedWith the Budget Vote right around the corner, here is some information to help you understand more about the Capital Reserve Proposition you’ll see on this year’s ballot:
 
A Capital Reserve is a multi-year financial savings tool created to pay for large expenses associated with capital repairs, renovations, and construction projects. Establishing a Capital Reserve does not increase the budget. The reserve is funded with money that may be available at the end of the school year after all expenses have been paid. Voter approval is needed to establish a Capital Reserve, as well as authorize the use of the funds for a proposed project. Using funds from the reserve allows a district to lower bond payments, thereby saving on interest costs.
 
The Board of Education is proposing to the Rondout Valley Central School District voters to establish a Capital Reserve to be funded over the next ten years in an amount not to exceed $20 million. The reserve will only be funded if money is available each year. Taxes are not increased to put funding into the reserve.
 
Please feel free to contact Superintendent Joseph Morgan at 845-687-2400 with any questions.
 
The Annual Budget Vote and Board of Education Election will take place on Tuesday, May 17, from 7 AM to 9 PM. Qualified voters may vote at the District Office located at 122 Kyserike Road.