On February 27, 2024, FCSD will present a Sinking Fund Millage RENEWAL before our community voters that asks for NO INCREASE in the current tax rate.
Since 1997, Freeland residents have voted multiple times to renew our Sinking Fund Millage. This fund allows us to maintain our facilities from top to bottom.
The Sinking Fund Millage has already supported projects that include classroom updates, flooring, track resurfacing, mechanical and bathroom improvements, paving replacement, district-wide wiring upgrades, and much more!
Because of our community's history of support, we have no bond debt as a district, thanks in part to our ability to maintain our current structures using Sinking Fund resources.
In just the past 7 years alone, the Sinking Fund Millage has allowed us to update classrooms and athletic facilities, as well as roofing and paving across the district.
Facts about FCSD's Sinking Fund Renewal
Freeland Community School District has levied a Sinking Fund since 1997. This millage generates approximately $538,717 annually.
The Sinking Fund Renewal Proposal is an eight-year renewal of 0.9821 mills.
The District currently levies a total of 2.9819 mills. In 2021, 2 mills were levied (now 1.9998 mills) and the smaller levy of 0.9821 mills is the portion that is up for renewal on Tuesday, February 27, 2024. Since this is a renewal, there is no increase in the current tax rate.
The Sinking Fund is used to fund the school district’s safety and security needs, and building and site repairs/improvements, while preserving General Fund dollars for the educational needs of our students.
A Sinking Fund millage is levied, not borrowed, and no interest expense is incurred with a Sinking Fund.
Sinking Fund revenue cannot be used for General Fund expenditures (i.e. salaries, instructional materials, operating expenses).
Sinking Fund - A “pay as you go” system generated by local voters. It provides school districts with funds to pay cash for repairs and improvements as needed. A sinking fund saves money by addressing infrastructure maintenance without incurring interest on loans or bonds.
Millage - One mill equals one tenth of a cent, or one-thousandth of a dollar.
Levy - Money that is attained through a small property tax (in our case, one that has existed since 1997). No money is borrowed, so we don't have to pay a bank or company back, and there is zero interest.
General Fund - This is the budget that the school uses to provide staff salaries and benefits, school supplies, classroom equipment, books, routine maintenance (mowing, cleaning, snow removal, etc.) and many more educational needs.
Potential Sinking Fund Usage
There are a number of potential projects for our Sinking Fund. On our Elementary and Learning Center campuses, repairs related to flooring, ceilings, and walls are needed. Outdoor spaces like the playground and parking lots also need maintenance work in order to promote safer spaces for our students and their families.
District-wide, we are looking to complete:
Parking lot and paving improvements
Flooring and ceiling tile replacements
Painting and plumbing improvements
Technology infrastructure enhancements
Safety and security improvements