Reserve for Tax Reduction
Purpose:
To reduce real property taxes over a period of time
Legal Reference:
Education Law §1604[36], §1709[37]
Account Code:
A916
Source of Funds:
Proceeds from the sale or appropriation of real property, after being used for any other legally required purchase
Use of Reserve: Use of this reserve is authorized by BOE resolution.
Creation:
This reserve was established by BOE resolution on October 20, 2014 and funded on November 4, 2014.
Funding Level:
The reserve was initially funded at a level of $1,000,000.
Duration:
Ideal Balance: .
Planned Use:
Transfer remaining funds to the Capital Construction Reserve (2022) of $948,112 and $77,836 to Capital Bus Purchase Reserve (2015).
Balance at June 30, 2021:
$1,025,948