WHAT IS A BUILDING AND SITE SINKING FUND?
2018-1-26 SINKING FUND 5 YR PRIORITIES
Ionia Public Schools Sinking Fund Presentation
Information Regarding Sinking Funds
- State School Code section 380.1212 allows school districts the establishment of a Sinking Fund.
- A Sinking Fund is created by a local tax millage and must be approved by school electors of the school district.
- A Sinking Fund millage is levied on all property located in the school district.
- All funds received through a Sinking Fund millage are restricted and can only be spent for specific purposes.
- Sinking Funds are audited annually by an independent auditor.
- Sinking Funds let a district “pay as you go” for infrastructure needs rather than having to issue bonds and pay interest costs, thus costing taxpayers less dollars.