Initiative would use reserve funding to repair carport ceiling at no additional cost to taxpayers
Long Beach residents will head to East School on Thursday to vote on a referendum to expend capital reserve funds to cover the costs associated with the reconstruction of a ceiling that collapses at Long Beach High School
The Long Beach Board of Education in August approved a capital reserve initiative
to cover the costs to repair the suspended carport ceiling at LBHS in April, and the Oct. 18 vote is required by law to authorize the board to pay for the work through the capital reseve fund.
“Since these funds have already been set aside for capital projects, the work will not result in a tax increase, but voter approval is required to expend these funds,” reads a statement on the referendum posted on the Long Beach School District’s website.
According to the district, there is about $7 million currently in the capital reserve fund, $5.7 million of which voters will be asked to authorize on Oct.18. The approval would support the complete demolition and rebuilding of the suspended carport ceiling, as well as general construction, electrical, mechanical and plumbing work in areas in the immediate vicinity, including the high school main entrance, lobby, gym entrance, and locker room.
In a Q&A about the reserve vote that is posted on the district’s website, the reserve fund is explained as separate from the annual operating budget but like a savings account in that it “ provides the ability to set aside monies to fund capital improvements and emergencies for which the district might otherwise need to issue new bonds or pay for through the annual operating budget.”
If the initiative is defeated, the district would pay for the reconstrution work through its fund balance, “part of which is generally used to lower projected tax rates each year,” reads the Q&A.
Residents can vote on the referendum from 7 a.m. and 8 p.m. at East School, at 456 Neptune Boulevard, on Thursday.
Become a blogger today!
Get started now