CSD CAPITAL IMPROVEMENT PROJECT JUXTAPOSITION

 

CSD CAPITAL IMPROVEMENT PROJECT JUXTAPOSITION

 

   Cortland voters recently received a flyer from the Cortland Enlarged City School District labeled “Capital Improvement Project.” A vote is scheduled on Wednesday, October 13.

   Our immediate concern is not with the published scope of the project.

   A quick glance at the “FINANCIALS” indicates juxtaposition. The proposed project cost is $32,500,000. The local share of the cost is 10% of $32,500,000 or $3,250,000. This is the money not provided by state building aid. In bold letters the NEW LOCAL SHARE is listed at zero percent. In addition 4.6% is removed from the Capital Reserve Fund to pay for this project. Is this part of the LOCAL SHARE? Is tax money involved?

   It is suggested that the project local cost of 10% will be financed over 15 years.

   A terse note at the bottom of the flyer claims NO ADDITIONAL TAX IMPACT.

   Which account provides the principle and interest in order to finance this project over 15 years? Is tax money involved? How much?

   Recall that zero percent is the published NEW LOCAL SHARE. The key word here is NEW. It appears the NEW LOCAL SHARE does not include the financial obligations for the next 15 years. Why?

   CORTLAND CONTRARIAN.