Pine Plains school board passes tax levy and funds reserves

PINE PLAINS — The Board of Education took action during its Wednesday, Aug. 24, meeting to officially adopt the school tax levy and the transfer of money into reserve funds.The total of the 2011-12 tax levy is $20,591,654, which is $1,018,272 higher than the 2010-11 tax levy.The tax levy is distributed among the people living in the school district, which covers parts of Ancram, Clermont, Gallatin, Livingston, Clinton, Milan, North East, Pine Plains and Stanford.Several reserve funds were also increased.The Reserve for Unemployment Insurance increased by $325,000. Funds in this reserve may be used to cover the cost of reimbursement to New York State Unemployment Insurance Fund for payments made to claimants.The Reserve for Retirement Contributions increased by $275,000. Funds in this reserve may be used to cover all or part of Employees’ Retirement System employer contributions.The Tax Certiorari Reserve increased by $150,000. Funds in this reserve may be used to pay judgments and claims arising out of tax certiorari proceedings and assessment challenges resulting in reductions in school tax.The Employee Benefits Accrued Liability Reserve was given initial funding of $192,827. Funds in this reserve may be used to pay for an accrued “employee benefit” due an employee on termination of the employee’s service.Michael Goldbeck, assistant superintendent for business and finance, said that school districts are given the authority to establish reserves under New York State Education Law of General Municipal Law.The reserve funds protect the district from coming up short due to unforeseen expenses.

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