E. Greenbush budget worth approving

Consider the following: You’re a homeowner who learns your heating system needs $10,000 worth of major repairs, a cost likely to increase each year you wait. Since you can’t afford this expense, you investigate a home equity loan. The bank has an interesting proposal: If you take out a loan for $10,000 now, incredibly, they will give you back $7,200 after the work has been completed. (You could, of course, take your chances and do nothing right now, but if failure occurs after this loan offer is withdrawn, you will have to pay full cost.)

Unfortunately, such a loan is not available to homeowners. But it IS available to school districts! 72% of capital expenditures are paid back to districts by the state, on one condition: Districts must take the loans out now.

The East Greenbush Central School District has identified necessary repairs totaling $39 million. If we take out a loan now, we’ll eventually receive $28 million back from the state. But it gets better! Before we make the first payment on this loan, we make the final payment for a similar amount on a previous loan, meaning our monthly payments won’t change. (Remember, if we don’t take out the loan now, we could wind up paying the entire $39 million, or even more if uncompleted repairs get worse and require full replacement.)

These repair costs are spread over Propositions 4, 5, and 6 on this year’s school budget ballot. If we are wise enough to recognize a good deal (borrow $39 million, but only pay back $11 million) when we see one – and I think we are – we will vote on May 16th to approve all three (3) propositions, along with two (2) reasonable school bus propositions and another responsible budget which falls below the statemandated tax cap.

I’m a district taxpayer and a district employee, but most importantly, a parent of four Columbia graduates. Many of you helped me pay for my kids’ educations, so it is only right that I recognize my responsibility and do the same for future generations. Please join me.