November 25, 2019
From The Hornell FB Page:
Over the weekend, we had a few questions about the cost of the proposed capital project. Here’s the total cost and how we intend to cover it without raising taxes:
Total Project Cost: $4,464,709
Smart Schools Bond Act Authorization: $2,039,972
Voter Authorization from Capital Reserve Fund: $2,424,737
The total cost is an estimate provided to us by our architects and construction managers. If the project is approved, the actual cost will be known when the project is publicly bid, but will not exceed the amount approved by voters.
The Smart Schools Bond Act Authorization was provided to us by the state and can only be used for specific purposes, including upgrades to technology or improvements to early childhood education. The construction of PreK classrooms is an approved use of these funds.
With voter approval, the remaining funds for the project would come from money the district has saved in a Capital Reserve Fund. This savings account was set up by the district several years ago to save funds for capital improvement projects.
The district will receive state building aid on the project as well, although the exact amount is under review by the state, we know minimally we will receive around 80% funding from the state on the entire project. Aid the district receives will be used to replenish the capital reserve account. The district is currently working with the state Education Department to determine the exact amount of aid it will receive. Regardless of the amount, because we are using funds already set aside in a capital reserve account, there will be no increase in taxes.
The project includes both the construction of five PreKindergarten classrooms, a resource room, much needed storage as well as the upgrades to the bus loop and parking lot in front. We’re also taking this opportunity to upgrade the water service to the building and fire hydrants.
Thank you for your questions. If you have others, please reach out to us here or by calling 324-1302 and we’ll do our best to answer them. Thank you!