Raymond School District Proposes Three Warrant Articles to Add Money to Three Capital Reserve Funds

RAYMOND — Superintendent Tina McCoy would like to share information about three warrant articles related to Capital Reserve Funds that will be on the ballot at the upcoming Town vote.

“Capital reserve funds are used to save money for large projects or purchases the school district will need to make in the future,” said School Board Vice Chair and representative on the Capital Improvement Committee Janice Arsenault. “By setting aside money each year, it helps to prepare the district for these costs and reduce spikes in the tax rates.”

Warrant Article 3, if approved, would allocate $333,076 in total funds to support future Capital Improvement Projects in three previously established capital reserve funds. The amounts proposed include:

• $265,951 for the Raymond School District Equipment, Facilities Maintenance and Replacement Capital Reserve Fund. This account was established in 2006.
• $55,000 for the Technology Capital Reserve Fund. This account was established in 2001.
• $12,125 for the Food Service Equipment Capital Reserve Fund. This account was established in 2006.

The estimated tax rate impact for this warrant article is $0.35 per thousand.

Warrant Article 4, if approved, would allocate an additional $75,000 for the Equipment, Facilities Maintenance and Replacement Capital Reserve Fund. This money would come from unused funds from the Fiscal Year 2019-20 and would have no impact on the tax rate.

Warrant Article 7, if approved, would allocate an additional $55,997 for the Equipment, Facilities Maintenance and Replacement Capital Reserve Fund. In April 2018, the Town of Raymond and the school district worked together to build a town well on the Raymond High School property. The District used $110,000 from the Equipment, Facilities Maintenance and Replacement Capital Reserve Fund, and the town agreed to pay the district back over a five year period.

This money would be given to the school district as part of the agreement and would have no impact on the tax rate. The district will receive the funds whether or not this warrant article passes, but a majority vote is required for the district to allocate the money for the specific capital reserve fund.

Voting on the warrant articles will take place on March 10 from 7 a.m. to 7 p.m. at Iber Holmes Gove Middle School, 1 Stephen K. Batchelder Parkway.

Full descriptions of this and all other warrant articles can be found here.

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