Capital Reserve Fund

Frequently Asked Questions:

What is the actual language of the ballot article?

Article 5 – Capital Reserve Fund

Shall the voters of the Hampstead School District raise and appropriate up to $75,000 to be placed in the School Renovation, Reconstruction and Capital Improvement Capital Reserve Fund established in 2006, with such amount to be transferred from the June 30, 2016 unreserved fund balance (surplus) in excess of $150,000? (MAJORITY VOTE REQUIRED)

(The first $150,000 of surplus will be returned to the taxpayers.  The next $75,000 of the surplus will be placed in the Capital Reserve Fund.  Any additional surplus will be returned to the taxpayers. The funds from this article come from the 2015-16 school budget surplus, not from additional taxes.)

Recommended by the School Board 5-0

What is the capital reserve fund?
The capital reserve fund is pool of money that is used for major facilities projects.

How much money will be moved to the capital reserve fund?
With the passage of this ballot item, $75,000 will be added to the capital reserve fund. 

How much is currently in the capital reserve fund? 
The capital reserve fund balance is currently $488,022. 

Where does this money come from?
The money for the capital reserve fund comes from the unreserved fund balance in excess of $150,000 delivered to the taxpayers at the end of the fiscal year (June 30, 2016). 

What will this money be used for?
The list of projects scheduled to be completed with money from the capital reserve fund includes:
Central School re-roofing, 1960's building
Middle School re-paving
HCS paving replacement
HMS roof replacement 1991/1995 additions
HMS boiler replacement