To offset the costs to residents, the district put up $2.75 million, nearly half of its savings.
Now, or for this year at least, the tax shift has been kept at bay, and North Colonie will be able to replenish those coffers, which never had to be touched in the first place, said Rybaltowski.
We've been aggressive to make this happen and we've had good support," said Superintendent Randy Ehrenberg of the district's effort to lobby for the 1 percent cap. "We can't let go of this idea which was given to us by the state Office or Real Property."
Ehrenberg and Rybaltowski said they are hopeful that the 1 percent cap will hold out for a few more years as Colonie enters into a townwide reassessment set to begin in 2008 and complete in 2010. By then, said Rybaltowski, the shift in base proportions from commercial taxpayers to homeowners should be back in check.
With its fund balance intact, the district is looking good as it nears a Thursday, Oct. 11, vote on the annexation of the Maplewood-Colonie Common School District.
With as much as $30 million to gain over the next 14 years through the annexation, North Colonie will be able to move on several improvements, including renovating athletic fields, building a new maintenance facility and improving schools, including Maplewood.
Under the annexation agreement, Maplewood would remain open for at least seven years.