2024 Sinking Fund Millage Proposal
In the upcoming election on November 5, 2024, voters will be asked to vote on a Sinking Fund millage.
What is a Sinking Fund?
A Sinking Fund allows a school district to make improvements for specific purposes, as allowed by the state.
If approved, it would allow Lincoln Consolidated Schools to create a fund to be used strictly for building repairs, safety, instructional technology, and transportation.
How is it funded?
A Sinking Fund is created by a local tax millage and is levied on all property located in a school district. The district proposal is for a levy on 2 mills which would generate $2,616,487 per year for 10 years for district improvements.
How will my taxes be affected?
| Taxable Value | Est. Monthly Cost |
|---|---|
| $50,000 | $8.33 |
| $100,000 | $16.67 |
| $150,000 | $25 |
Benefits of a Sinking Fund
| Funding for needed improvements and repairs including HVAC, Roofs, Asphalt, Safety, Technology and Transportation. |
| Improved learning environments |
| Transparency and accountability show taxpayers exactly where and how the money will be spent. |
| More general fund money remains in the classroom |
What we CAN spend a sinking fund on
Repair & Replacement of:
- Heating and Cooling Systems
- Roofs
- Parking lot, Sidewalks, and Asphalt
- Safety and Security
- Instructional Technology
- Transportation
What we CANNOT spend a sinking fund on
- Salaries & Benefits
- Equipment & Supplies
- Textbooks
- Utilities & Operational Expenses
- Furniture
- General Maintenance
Why does our school district need a Sinking Fund?
The Sinking Fund allows us to repair and improve school facilities, ensuring a safe and conducive learning environment without diverting funds from instructional programs, and keeping more money in the classroom.
How would the money from the Sinking Fund be used?
The funds are used for major repairs and maintenance projects such as roof replacements, heating and cooling system updates, instructional technology, transportation purchases and repairs, safety and security improvements, and other critical infrastructure needs.
How much would the Sinking Fund cost me?
The cost depends on the property value and is equal to $2.00 per $1,000 of taxable value.
How long would the Sinking Fund be in place?
The Sinking Fund levy would be for 10 years, after which it could be renewed by voters.
Can the funds from the Sinking Fund be used for anything else?
No, by law, Sinking Fund revenue can only be used for repairs, and improvements to school buildings and grounds, instructional technology and transportation purchase and maintenance.
What happens if the Sinking Fund is not approved?
Without the Sinking Fund, necessary repairs and improvement may be delayed or not completed, potentially leading to more costly issues in the future. This could also impact the overall learning environment and safety.
Ballot Language
LINCOLN CONSOLIDATED SCHOOL DISTRICT
SINKING FUND MILLAGE PROPOSAL
Shall the limitation on the amount of taxes which may be assessed against all property in Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, be increased by and the board of education be authorized to levy not to exceed 2 mills ($2.00 on each $1,000 of taxable valuation) for a period of 10 years, 2025 to 2034, inclusive, to create a sinking fund for the purchase of real estate for sites for, and the construction or repair of, school buildings; for school security improvements; for the acquisition or upgrading of technology; for the acquisition of student transportation vehicles; for the acquisition of parts, supplies, and equipment used for the maintenance of student transportation vehicles; for the acquisition of eligible trucks and vans used to carry parts, equipment, and personnel for or in the maintenance of school buildings; for the acquisition of parts, supplies, and equipment used to maintain such trucks and vans; and all other purposes authorized by law; the estimate of the revenue the school district will collect if the millage is approved and levied in 2025 is approximately $2,616,487?
