Sinking Fund
A sinking fund allows a school district to make improvements for specific purposes, as allowed by the state. If approved, the millage would provide Summerfield Schools with dedicated funds to support our buildings and increase security without diverting funds from instructional programs.
Sinking Fund Details
At the May 6, 2025 election, Summerfield Schools will have a Sinking Fund request on the ballot for voters to consider. The request will not exceed 2.5 mills for a period of 10 years, and revenue will support:
- The construction or repair of school buildings.
- School security improvements.
- The acquisition and repair of student transportation vehicles.
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 2.5 mils for 10 years, which would generate approximately $580,572 in 2025.
Benefits of a Sinking Fund
- Provides funding for needed improvements and repairs, including HVAC, roofs, safety, and transportation.
- Prevents general funds from being diverted to cover these costs, keeping more money in our classrooms.
- Transparency makes all expenditures visible to taxpayers.
- Improved learning environments.
Ballot Language
Summerfield Schools Sinking Fund Millage Proposal
Shall the limitation on the amount of taxes which may be assessed against all property in Summerfield Schools, Monroe County, Michigan, be increased by and the board of education be authorized to levy not to exceed 2.5 mills ($2.50 on each $1,000 of taxable valuation) for a period of 10 years, 2025 to 2034, inclusive, to create a sinking fund for the construction or repair of schoo 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 $580,572?
How will my taxes be affected?
| Market Value | Taxable Value | Annual Cost | Monthly Cost | Daily Cost |
|---|---|---|---|---|
| $100,000 | $50,000 | $125.00 | $10.42 | $0.34 |
| $125,000 | $62,000 | $156.00 | $13.00 | $0.43 |
| $150,000 | $75,000 | $187.50 | $15.63 | $0.51 |
| $175,000 | $87,500 | $218.75 | $18.23 | $0.60 |
| $200,000 | $100,000 | $250 | $20.83 | $0.68 |
| $225,000 | $112,500 | $281.25 | $23.44 | $0.77 |
How can sinking fund dollars be used?
What can a sinking fund pay for?
- Safety and Security
- Roofing Repairs
- Boilers
- Heating & Cooling
- Air Handlers
- Parking Lots
- Buses
- Sidewalks
- Bus Repairs
- Electrical Updates
What Can't a sinking fund pay for?
- Employee salaries and benefits
- Consumable equipment and supplies
- Textbooks
- Routine maintenance (mowing, cleaning)
- Furniture
State of the School Address
On January 28, 2025, Mr. Ost, Mrs. Klocinski, and Mrs. Bucher hosted a State of the School Address. While this community meeting discussed many aspects of our district, this is where the idea of a sinking fund was first introduced.
Frequently Asked Questions
Why does Summerfield need a Sinking Fund?
A sinking fund will provide our district with dedicated funding to ensure a safe learning environment conducive to the educational process, without diverting funds from instructional programs. This will keep more money in our classrooms.
How will the money from the sinking fund be used?
Funds from the sinking fund will be used for major repair: and projects, such as replacing our elementary school boilers, updating the electrical in our elementary school, replacing our high school air handlers, and to make safety improvements across the district.
How much would the sinking fund cost me?
The cost will depend on the taxable value of your home. The tax will be $2.50 per $1,000 in taxable value of your home.
Can the funds from a sinking fund be used for anything else?
No. by law, sinking fund revenue can only be used for repairs and improvements to school buildings, site work, school security improvements, instructional technology, and pupil transportation purchases.
Voting Day:
- Tuesday, May 6, 2025
- Polls will be open from 7:00AM - 8:00PM
Contact Us!
Please contact Summerfield Schools with any questions or to hear more about this request!
