I.P. schools seek voter-approved repair fund

In addition to the $31.8 million tax levy, Island Park schools are hoping voters approve a capital reserve fund. The reserve fund would be used like a savings account for the district’s improvements to school buildings, mainly to replace roofs at both Lincoln Orens and Francis X. Hegarty schools.

“Our goal is we don’t want to have another bond,” said Superintendent Rosmarie Bovino. “And we don’t want to incur debt service with another bond. We’re trying to keep taxes down.” According to Bovino, the 25-year-warranty on both roofs runs out this year, and continuing to patch the roofs would be more expensive than replacement. The capital reserve fund would also hold reimbursement money that the district receives from the Federal Emergency Management Agency.

If passed, the capital reserve fund will not be allowed to exceed $7 million over three years. Bovino said the limit comes from the highest estimate for roof replacement costs.

If money is left over in the reserve fund after roof repairs are done, it would be used for other capital projects — such as heating in Lincoln Orens, substructural work on Hegarty — and paying back the district’s bond for post-Superstorm Sandy repairs.

Bovino said if the capital reserve fund was not approved, the district would explain their plans to the community again and try to get the reserve fund passed at a later date.