Voting Results – May 19, 2015
The 2015-2016 Budget PASSED: 563 Yes – 219 No
Proposition #1 – Creation of a Capital Reserve Fund not to exceed $2 million PASSED: 529 Yes – 237 No
Proposition #2 – Student Representative on the Board of Ed PASSED: 674 Yes – 84 No
Voters also elected Denise Barry, Beth Hover, and David O’Connor to three-year terms on the Board of Education that run July 1, 2015 through June 30, 2018. Denise Barry received the most votes overall and will therefore also serve the remainder of the unexpired term caused by the resignation of James Marks. That term runs now through June 30, 2015.
Voting results for Board of Education Election:
Sebastian Trienens 207
Beth Hover 520
Steve Gilger 227
Denise Barry 560
David O’Connor 507
Wayne Coe 297
The budget for 2015-16 totals $29,901,041, a 1.47% increase from 2014-15. This budget carried a projected tax levy increase of 1.8%, which is below the District’s 2015 property tax cap of 2.02%.The Board also approved two propositions to be placed on the ballot. The first asked voters to decide on the creation of a capital reserve fund; the second asked voters to decide on a provision allowing a student representative from Chatham High School to sit on the Board as a nonvoting member.
2015-16 Budget Development Presentations
Capital Reserve Fund Proposition
The District put before voters on May 19, 2015 a proposition to create a Capital Reserve Fund to assist the District in financing future construction projects and reduce the total borrowing needed for these projects. The maximum amount of money the District can place in the fund would be the total of $2,000,000 over ten years. Money for the Capital Reserve fund would primarily come from rebates or other one-time revenues the District receives. If there is excess money left at the end of the school year, due to projected revenues being greater than expenditures, money may be put in the Capital Reserve fund.
A Capital Reserve Fund is similar to a savings account and helps the District plan for long-term needs with little impact on the general budget. The District can use it to set aside money for future building and grounds improvements. Voter approval is required to create the fund.
Chatham CSD projected the need for capital work (construction and maintenance) to keep our facilities updated and maintained, as well as address safety. Before the District can spend any money from the Capital Reserve Fund, it must receive voter approval. The District would provide details on such spending and community members would decide on it in future budget votes or possibly a capital referendum.
The District created a Capital Reserve Account with voter approval in 2008 for $3,500,000, which has reached its maximum limit approved by voters and which currently holds $2,079,267. Projected capital work costs at Chatham CSD are greater than this amount, and therefore the District asked voters to decide on a proposition that would create an additional Capital Reserve Fund to help cover expenses.
Student Representative Proposition
A second proposition on May 19, 2015 asked voters to reapprove a provision that allows a Chatham High School student to be appointed to the Board of Education. The student representative serves a one-year term as a non-voting member and acts as a liaison between the student body and the Board of Education. The provision was first approved by voters in 2009 and a student representative currently sits on the Board. Education Law requires the District to seek voter approval of this provision every two years.
Property Tax Cap Information
For 2015, Chatham CSD’s tax levy cap was 2.02 percent.