In order to be fiscally responsible, the District needed to first utilize more than $1.3 million in EXCEL Aid that it is entitled to from the State's Expanding Our Children's Education and Learning Program along with the District's Technology and Capital Reserve funds. According to the District's financial advisor, Capital Markets Advisor, LLC, by leveraging the EXCEL Aid and Capital and Technology Reserves along with the Building Aid, the District could undertake a capital project in the amount of $48 million with ZERO COST impact to the NT taxpayers.
The proposed project will not increase school taxes in North Tonawanda. This is possible because of three things. First, the District receives NYS Education Department Building Aid on approved projects. Second, a new form of state building aid called EXCEL Aid (Expanding Children's Education and Learning). EXCEL funding is separate from the building aid that the District receives. Thirdly, the District has funds in Capital and Technology Reserves.
By leveraging these two forms of state aid and the District's Reserves, the District can finance the $48 Million Scope of Work contained in the Capital Improvement Project with NO COST to the local taxpayers.
