NY S06814

Authorizes the Salamanca city school district to establish a federal impact aid reserve fund with a maximum balance of $5,000,000 for tax stabilization if federal impact aid is reduced or lost.

Requires approval by majority vote of district voters through a separate ballot proposition at a special or annual district meeting before the fund can be established.

Allows the board of education to deposit funds from unassigned fund balance and other authorized reserve funds into the federal impact aid reserve fund, provided the total does not exceed the voter-approved maximum amount.

Requires that deposits and withdrawals from the fund be disclosed in annual budget documents and property tax reports, consistent with other reserve fund disclosures.

Directs the fund to be deposited, invested, and accounted for according to Education Law sections 3651, 3652, and related provisions.