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Board debates earmarking parts of tax increase for ACTI debt service; seeks ACTI presentation first
Summary
Board members debated setting aside part of the approved 3.6% tax increase (the 1.8% step equals about $252,137) for ACTI debt service, with some urging immediate earmarking and others preferring to wait for an ACTI presentation (scheduled for September/October) before finalizing transfers. No vote was taken.
Board members debated whether to earmark roughly $252,137 (the amount associated with an 1.8 percentage-point step of the district's recent tax increase) toward ACTI debt service. Several members said they supported setting money aside now; others argued the board should wait until ACTI provides specific cost projections.
One board member urged allocating 2 percentage points of the 3.6% tax increase toward ACTI, saying the district's earlier decision to approve the 3.6% increase was made with the expectation that a portion would be earmarked for the project. Mr. Behar and other members clarified that transferring the difference into the capital reserve fund would change how that revenue is treated (it becomes restricted for capital/debt uses and cannot be moved back to general operations). Several members noted the transfer could be made at any point during the fiscal year and that a smaller initial transfer followed by later transfers was an option.
Members asked administration to confirm when ACTI will present; the board expects an ACTI presentation in September or October and said it will revisit the dollar amount to earmark after seeing ACTI's projected debt-service numbers. The board did not take a formal vote or adopt a binding transfer at this meeting; administration said it can execute transfers during the fiscal year if the board provides direction.
Next steps: administration to schedule ACTI presentation and provide options for partial or phased transfers; the board signaled informal agreement to earmark funds but left final size and timing to a future meeting.
