Maple Hill Gym Roof Repair & Creation of Capital Reserve Fund
On December 14, 2021, Schodack Central School District will hold a public vote for registered district residents to consider approval of the following:
- Proposition 1: Permission to use $350,000 the district already has remaining in its 2015 Capital Reserve Fund for vital repairs and updates to the Maple Hill Jr/Sr High School Gym Roof
- Proposition 2: Permission for the district to create a new Capital Reserve Fund (referred to below as “2022 Capital Reserve Fund”)
Public voting for these two propositions will take place on December 14, 2021, from 6:00 AM – 8:00 PM in the Maple Hill Gym (1216 Maple Hill Road).
Proposition 1: Permission to Use $350,000 of 2015 Capital Reserve Funds for Gym Roof Repairs
WHAT: In 2015, Schodack voters authorized the district to create a Capital Reserve Fund. The district asks to use $350,000 from the 2015 Fund to pay for vital repairs and updates to the Maple Hill High School Gym Roof. The district already has the $350,000 in the 2015 Fund, so voter approval would come at no additional cost to district taxpayers nor would it further raise their taxes.
WHY: The roof is over 20 years old and has exceeded its useful life. It is important it is replaced as soon as possible since large areas of the existing fully-adhered rubber roof have already delaminated from the structure. Currently, the district has stabilized the roof with concrete pavers as ballast but this is not an ideal long-term solution.
WHEN: Having the public vote in December 2021 is critical to finishing work on the roof before Winter 2022-23. Voter approval in December factors in enough time for:
- The required NYS Education Dept. project permissions
- Enough time to accommodate an almost certain delay of raw materials due to supply chain issues affecting the construction industry.
Proposition 2: Permission to Create 2022 Capital Reserve Fund
WHAT IS A CAPITAL RESERVE FUND? Capital reserve funds are a place for districts to set aside savings at the end of the school year and help finance future repairs, maintenance and improvements. Creating any capital reserve fund requires authorization by a majority of district voters. They must approve the purpose of the fund, the ultimate amount that can go in it and its likely term. As with asking for voter approval to use money from the 2015 Fund for the gym roof, any future spending from the 2022 Fund must also be authorized by the voters.
WHY IS CREATING THE FUND IMPORTANT? By using money in the 2022 Fund to help pay for future projects, the district would reduce the amount of money it needs to borrow from NYS. Borrowing less money would reduce future impacts on voter taxes and reduce spending on interest payments of borrowed money. In these still uncertain times, the district believes it is in the best interest of both its students and taxpayers to establish the 2022 Fund.
HOW MUCH MONEY CAN BE SET ASIDE FOR THE FUND? The district could set aside up to $4 million in the fund over the next 10 years (the lifespan of the fund). If that amount is reached in that time, no more money could go into it.
WHERE WOULD THE MONEY FOR THE FUND COME FROM? Each school year the district makes a proposed budget that is an estimate of costs for the following school year. If budgeted spending is less than expected in a given school year, the surplus savings can be placed in the fund.
Currently, the district has more budget savings than in prior years due to a significant lack of spending in the 2020-2021 school year as a result of:
- Less spending on activities. There were very few in 20-21 due to COVID-19 precautions.
- Less spending in anticipation of cuts to NYS School Aid in the 20-21. These cuts ultimately did not occur but the district was cautious with its spending in the event they did.
Public Presentation Materials
Maple Hill Gym Roof Repair Presentation (Presented at the board meeting on October 21, 2021)