posted on May 10, 2012 13:01
The LeRoy central school district held a final public hearing Tuesday night. This year district residents will be voting on a $21-million budget.
The school is also asking people to vote to create a capitol reserve, but many don't understand what the reserve is or how it’s funded.
LeRoy Superintendent Kim Cox explains the capitol reserve is a savings set aside by the district just in case money is needed for a large project.
"So we have set $5-million dollars that does not mean that we're putting $5-million dollars into it, it just simply means that over time that reserve could not grow anymore than $5-million dollars. We don't anticipate that it will do that, but that's just the cap. We also have to let the voters know how long that money can be in the reserve and by law that's 10 years," said Cox.
For example if the school needed something built and they didn't have state aide or money specifically set aside for the project they could dip into their reserves.
Cox said right now the school is only asking the district to approve the creation of such a reserve; there would be a separate vote before the school actually uses the money.
Cox explains where the money would come from to build the reserve.
"So if we have some of the money that came in under budget at that time budget finance will look at it and say " what do we need to do with this? Do we need to roll this over to next years budget?" which we do that every year, we plan for that to happen every year or do we need to put some into any of the reserves that we have," said Cox.
The school budget vote for all districts is set for Tuesday, May 15th.