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Mayor Ward vetoes Education Investment Reserve ordinance, override fails

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Mayor Ward’s decision was formally announced at the October 26 reconvened assembly meeting.

Published: Nov. 4, 2023 at 12:15 PM AKDTFAIRBANKS, Alaska - On September 28, the Fairbanks North Star Borough Assembly voted on whether or not to create an Education Investment Reserve for the borough school district.

The money for the reserve fund would come from cash investments to the borough, which stems from current property taxes. It would also come from revenue from land sales. However, the benefits from this investment likely wouldn’t have been seen for decades. “It would’ve been for maybe 2060 or maybe 2070 that we would see that fund grow enough to cover the local contribution,” Haney said.

Ward also objected to the timeline of the proposed benefits, which he says likely wouldn’t be seen for more than a decade. “It seems silly to be sticking money into a savings account that is paid for through taxpayer dollars when we have a shortfall in the budget currently,” he said.

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