Learn about the Capital Improvement Project, Nov. 29 and Dec. 6
Dear Community Members,
On Wednesday, Dec. 13, 2023, the Fort Plain community will vote on a $18,655,000 Capital Improvement Project. The project aims to address needed repairs in Harry Hoag Elementary School and the Jr./Sr. High School. It will also enhance some of our well-used gathering spaces, such as the outdoor playground and areas within the athletic complex.
Every member of our school community has the potential to benefit from the work outlined in this proposed project.
I welcome you to join me for coffee and conversation about the Capital Improvement Project on Nov. 29 or Dec. 6, 2023 from 8:30-9:30 a.m. in the District Office Conference Room, 25 High Street, Fort Plain, NY. Community members, parents and other stakeholders are all welcome.
The student experience matters and this proposed project would address high priority maintenance issues derived from the most recent Building Conditions Survey. The executive planning team, which consisted of architects, financial advisors, school administrators and department supervisors, designed a project that is both respectful of our taxpayers and supportive of the vision for our schools and in the best interest of students.
Funding for this project will be paid for using the district’s reserve fund and bond borrowing that is reimbursable through New York State Education Department (NYSED) Building Aid.
On May 17, 2022, voters authorized the district to increase the balance in our Capital Reserve Fund. That action allows us to build the reserve fund up to $10,000,000. The authorization for this fund expires June 30, 2029. Currently, we have a balance of $7,015,000 in the Capital Reserve Fund. If approved, $2,780,000 from our reserves would help fund this project.
Bond borrowing in the amount of $15,875,000 would provide the additional funds.
The district formulated a payment plan for this proposal, in consultation with Bernard P. Donegan Financial Advisors, that maximizes our ability to use New York State Education Department (NYSED) Building Aid. The district is currently eligible to receive reimbursement through state Building Aid at a rate of 92.4%. If approved, this means the district would receive back approximately 92 cents on every dollar spent on this project. Please note: Building Aid ratios are not constant; these formulas are regularly adjusted by the state government.
It is a Board of Education goal to ensure the responsible use of both our fiscal and human resources. By taking advantage of our high Building Aid ratio, coupled with the utilization of a portion of the Capital Reserve Fund, the proposed project will not have any impact on the local tax levy.
Wishing everyone wellness always,
Mrs. Lauren Crisman
Superintendent of Schools