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WHAT IS A BUILDING AND SITE SINKING FUND?

IPS Town Hall January 22nd

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.



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