ANSWERS TO SINKING FUND RENEWAL QUESTIONS
Maintenance and repairs are a
part of life. If we want to be healthy, we take care of ourselves.If
we want a car to run, we maintain and repair it.
It’s the same way with our school buildings. In order to have safe, healthy spaces where our children can learn, we need to take care of them.
This page is intended to address our community questions regarding the May 6 Sinking Fund Renewal election. If you have further questions, please contact us at 591-8760 or click here to e-mail Supt. Tricia Hill.
It’s the same way with our school buildings. In order to have safe, healthy spaces where our children can learn, we need to take care of them.
This page is intended to address our community questions regarding the May 6 Sinking Fund Renewal election. If you have further questions, please contact us at 591-8760 or click here to e-mail Supt. Tricia Hill.
What is the 2014 Sinking Fund Renewal?
A Sinking Fund is a way for Michigan school districts to raise money for projects involving repairs, renovation and building. In the May 6th election, the community will be voting on a proposal to renew the current Sinking Fund of 2.5 mils for 10 years. Voters must be registered by April 7.
What exactly does a 2.5-mil levy mean?
Mil: One-tenth of a cent for tax purposes. Levy: Collecting a tax.
A 2.5-mil levy simply means a homeowner with $50,000 in taxable value will have $125 of property taxes annually collected to maintain school properties, which is one-tenth of a cent for each dollar in taxable value.
Does the Sinking Fund Renewal mean a tax increase?
No. When the Sinking Fund Renewal is voted in, the Sinking Fund portion of property tax will continue to be collected at the same rate already in place since the Mt. Morris community approved the Sinking Fund in 2011. This rate will continue for the next 10 years.
How much will the Sinking Fund Renewal cost a property owner?
A homeowner with $50,000 in taxable value will continue to be assessed $125 in tax each year, or $10 a month.
How much money will the Sinking Fund Renewal raise?
Approximately $490,000 per year.
Which projects have been paid out of past Sinking Funds?
Please scroll down for a list of projects the community has supported through Sinking Funds; click here to see project photos.
What happens if voters do not approve the Sinking Fund Renewal?
Unfortunately, all buildings need continued maintenance and repairs. If the Sinking Fund is not approved, the cost of maintaining buildings may either have to be borrowed and repaid with interest, or be subtracted from money now used for our children’s education.
What does state law say about Sinking Funds?
Who will decide what the Sinking Fund Renewal money covers?
Sinking Fund projects are decided by a number of people. The District had a facility needs analysis completed in 2008 and in 2012. These analyses identified a number of needs throughout our facilities and grounds. The community, families of Mt. Morris students, and the staff are also asked to identify needs from each of their perspectives. The list of identified needs is then prioritized by the administration and Board of Education. Each year's project identification is a thoughtful process which considers the yearly revenue generated by the Sinking Fund, prioritized project needs, and the cost of projects.
I would like to read the ballot language and learn more about voting in this election.
Click here for election information.
How can I find out more?
If you have further questions, please contact us at 591-8760 or click here to e-mail Supt. Tricia Hill. Visit any school where information tables are displayed, or contact our Central Administration Office at 12356 Walter St.
Where can I get a copy of these questions and answers?
For a printable copy, click on "2014 Sinking Fund Renewal answers," below.
A Sinking Fund is a way for Michigan school districts to raise money for projects involving repairs, renovation and building. In the May 6th election, the community will be voting on a proposal to renew the current Sinking Fund of 2.5 mils for 10 years. Voters must be registered by April 7.
What exactly does a 2.5-mil levy mean?
Mil: One-tenth of a cent for tax purposes. Levy: Collecting a tax.
A 2.5-mil levy simply means a homeowner with $50,000 in taxable value will have $125 of property taxes annually collected to maintain school properties, which is one-tenth of a cent for each dollar in taxable value.
Does the Sinking Fund Renewal mean a tax increase?
No. When the Sinking Fund Renewal is voted in, the Sinking Fund portion of property tax will continue to be collected at the same rate already in place since the Mt. Morris community approved the Sinking Fund in 2011. This rate will continue for the next 10 years.
How much will the Sinking Fund Renewal cost a property owner?
A homeowner with $50,000 in taxable value will continue to be assessed $125 in tax each year, or $10 a month.
How much money will the Sinking Fund Renewal raise?
Approximately $490,000 per year.
Which projects have been paid out of past Sinking Funds?
Please scroll down for a list of projects the community has supported through Sinking Funds; click here to see project photos.
What happens if voters do not approve the Sinking Fund Renewal?
Unfortunately, all buildings need continued maintenance and repairs. If the Sinking Fund is not approved, the cost of maintaining buildings may either have to be borrowed and repaid with interest, or be subtracted from money now used for our children’s education.
What does state law say about Sinking Funds?
- What the law allows: By law, the Sinking Fund may be used strictly for building, repairing or remodeling schools, purchasing or repairing property to be used for schools, or installing the infrastructure for technology. The Sinking Fund allows Michigan school districts to maintain school buildings without having to borrow the money and pay interest.
- What the law doesn't allow: The Sinking Fund cannot be used for employee salaries or benefits, routine maintenance or painting, or operational costs or equipment. A Sinking Fund cannot exceed 5 mils. When voters approve a Sinking Fund or Sinking Fund Renewal, it cannot last longer than 20 years.
- The May 6th election is a proposal to renew the current Sinking Fund of 2.5 mils for 10 years, half of what the state allows. Districts face severe penalties for violating Michigan laws regarding Sinking Funds. Read more here.
Who will decide what the Sinking Fund Renewal money covers?
Sinking Fund projects are decided by a number of people. The District had a facility needs analysis completed in 2008 and in 2012. These analyses identified a number of needs throughout our facilities and grounds. The community, families of Mt. Morris students, and the staff are also asked to identify needs from each of their perspectives. The list of identified needs is then prioritized by the administration and Board of Education. Each year's project identification is a thoughtful process which considers the yearly revenue generated by the Sinking Fund, prioritized project needs, and the cost of projects.
I would like to read the ballot language and learn more about voting in this election.
Click here for election information.
How can I find out more?
If you have further questions, please contact us at 591-8760 or click here to e-mail Supt. Tricia Hill. Visit any school where information tables are displayed, or contact our Central Administration Office at 12356 Walter St.
Where can I get a copy of these questions and answers?
For a printable copy, click on "2014 Sinking Fund Renewal answers," below.
Questions & Answers: 2014 Sinking Fund Renewal | |
File Size: | 477 kb |
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Past Sinking Fund projects:
Our community’s approval of prior Sinking Funds has allowed the district to meet needs at every school, including the following projects. Click here to see photos of some of the projects.
Our community’s approval of prior Sinking Funds has allowed the district to meet needs at every school, including the following projects. Click here to see photos of some of the projects.
Elisabeth Ann Johnson High School
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Junior High
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Central
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Montague
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Moore
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Pinehurst
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