NEPN/NSBA Code:DCA
ADOPTED: 04/04/2001
CAPITAL RESERVE FUND
It is the policy of the MSAD 15 Board of Directors to balance the needs of educational programming; staffing and meeting high standard with the expectation that our facilities will be maintained to equally high expectations. To this end the Board of Directors is committed to funding on an annual basis a Capital Reserve Fund. The purpose of this is to ensure that recapitalization of all buildings, land and athletic fields are maintained in accordance with State and Federal standards for occupancy and use.
This fund will be placed on the annual referendum ballot with detailed explanation of current use expected for the fiscal year, monies in reserve and monies spent.
The annual request to the public will not be less than $50,000, and will be reviewed annually by the Facilities Committee of the Board. Their recommendation for actual funding will be made to the full Board for action before the second meeting in January.
The fund will be for, but not limited to replacement or additions of identified major capital items. Examples of which are listed below:
1. Scheduled replacement of HVAC systems
2. Scheduled replacement of roofs
3. Scheduled replacement of septic systems
4. Planned additions of parking facilities
5. Planned additions of new instructional or office space
6. Planned additions and/or replacements of athletic fields and/or facilities
7. Planned land acquisitions as detailed and reported annually
The Superintendent is responsible for adherence to this policy and meeting all deadlines outlined within this policy. Administrators will be required to submit to the Superintendent items for consideration after consultation with staff, students, parents, the Transportation/Facilities Manager, Director of Athletics and the Director of Finance and Operations. Public comment will be sought at all meetings of the Board of Directors and committees reviewing the impact of the annual requests.
(Note: This is not a complete list, but one that will be reviewed annually to meet educational goals identified by the Board of Directors.)