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Superintendent outlines proposed new $25 million capital reserve, seeks voter authorization
Summary
Superintendent Dr. Yanni told the board the district will seek voter authorization to establish a new capital reserve fund (not to exceed $25,000,000) with a 15-year term and annual transfer cap, and said any spending will require board action and voter approval.
Dr. Yanni presented the superintendent’s report and a budget update, saying the administration plans to seek voter authorization to establish a new capital reserve fund. "The recommendation would be to, seeking voter authorization to establish a new capital reserve fund," he said, adding the proposal would reset the older reserve established in 2006 to align with current long-term facility planning.
The presentation described key terms: a maximum funding level not to exceed $25,000,000, a proposed 15-year term, and a limit "not to exceed $2,000,000" in annual transfers into the reserve. Dr. Yanni and finance staff emphasized that any spending from that reserve would still require a separate board action and subsequent voter approval before funds are released. The administration said detailed ballot language will be drafted with counsel and brought back for board approval at the next meeting and, if adopted, published in the required legal notice.
Board members asked for more public-facing documentation; administrators said a slide deck and a line-by-line budget will be posted online for community review. A public commenter later urged that discussions of the reserve and legal advice be held in public meetings, a point a board member responded to by citing the district auditors’ recommendation to create a new reserve.
