Voters to Weigh in on Geothermal in Bridgehampton
The Bridgehampton School District is seeking to repurpose a previous, voter-approved capital reserve fund by renaming it the “Geothermal and Five-Year Capital Plan Reserve Fund.”
The reserve’s existing balance of $1,097,777 will be transferred to this new fund for later use in building a closed-loop geothermal heating and cooling system that along with the expansion and renovation project, as well as completing other key physical improvement projects on the campus.
In this case, because the money is coming from an already-existing reserve fund, which taxpayers already approved, no new taxes will be collected as a direct result of this proposition. A future vote will eventually be required to release the money for the district to actually use.
Two Props on Sag Harbor’s Ballot
Sag Harbor’s Proposition 2 would set up a “Transportation Fleet Capital Reserve Fund” for the purchase of new or replacement buses, and would replace the district’s previous bus fleet reserve fund, which was strictly for replacement buses. It would be capped at $2 million and would be funded by year-end budget surpluses.
The district’s Proposition 3 would permit the release of $1.2 million from the capital reserve fund to pay for the rest of a window replacement project at both schools. The district began this project with money from its November 2013 bond referendum, but needs additional money to finish it.
Because both propositions would draw on reserve funds already collected from taxpayers, neither one will directly result in new taxes.