NY S05733

Authorizes the Salamanca city school district board of education to establish a federal impact aid reserve fund capped at $5,000,000 to stabilize tax levies if federal impact aid is reduced or eliminated.

Requires approval by majority vote of district voters through a separate ballot proposition at either a special district meeting or annual district meeting, with the proposition specifying the maximum allowable balance.

Permits the board to fund the reserve by transferring unassigned fund balance exceeding the maximum allowable amount and other reserve funds determined unnecessary, without voter authorization.

Requires deposits and withdrawals from the fund to be disclosed in the district's annual budget approval process and property tax report card consistent with other reserve funds.

Moneys in the fund shall be deposited, invested, and accounted for according to Education Law sections 3651 and 3652.