Questions and Answers How will this bond affect my taxes? For the average assessment of $10,000 the impact on the tax rate will be approximately $1.53 per thousand based on 2004-2005 estimated tax rates. Different assessment formulas apply to commercial properties, rental properties, multi-family dwellings, and condominiums. The typical homeowner in the town of Yorktown will pay close to $15.30 more per year for twenty years. The typical homeowner in Cortlandt will pay about $19.80 more per year for the duration of the bond. New Castle homeowners on average will pay approximately $2.80 per year for twenty years.   Why were these roof projects not addressed in the $34.7 million bond? In 2000, the appraisal of the school district's architect was that the roofs had five years usefulness to them. Accordingly, the most pressing infrastructure needs at the time, such as the necessary upgrades to heat, hot water, windows, lighting, and additional classroom space, were addressed.   Why isn't the Board waiting until the May budget vote to address this concern? The State Education approval process for capital improvement projects usually takes about three months after application. By obtaining public approval and submitting applications now, work can begin at the start of summer - the most optimal time from educational and construction points of view. Following State Education requirements the district can expect 50% reimbursement of cost in the form of State Building Aid. These funds will be paid to the district during the next school year after work has been completed. The district's architect, The Thomas Group, has begun the design phase of the project and submitted the required applications to the State Education Department in Albany. With community approval, this project can begin shortly.

Why is the Board of Education choosing to propose a bond rather than reallocating funds or taking the money from capital reserves and surplus from the 2001 bond? The main reason is to maximize state aid. The Board is placing a new bond before the community rather than transferring unspent funds because, regardless of the funding source, State Aid on the roofing project is approximately 50%. The 60% rate applies only to items approved in the 2001 bond fund. If the Board reallocates funds from the 2001 bond, it would receive 10% less in state aid for the dollars spent. With projects in the bond still in completion, the administration and board believe that a separate bond for roofing is a prudent and economical course.   Can I expect to be asked to approve another bond this year from the district? While there remain a number of infrastructure items to be addressed in our schools, the administration and the Board of Education have agreed to add no new bond propositions for the May budget vote. A larger bond is under discussion for fall 2004. This timetable allows the district to employ effective planning and to schedule major construction for the summer months.