Hartland Consolidated Schools is considering placing a sinking fund renewal on the ballot in November.
A committee is being formed to work through the renewal proposal, and a resolution could be approved by the HCS Board of Education in June.
Sinking funds, also known as building and site funds, are used to cover capital projects. Unlike bond proposals, which generate large sums of money quickly, sinking funds generate smaller amounts on an annual basis.
Voters previously approved a 10-year, 0.5-mill sinking fund in May 2017, which expires in December, according to HCS Superintendent Chuck Hughes. The fund generates, annually, about $900,000.
The levy has been reduced by 0.0237 mills through rollbacks under the Headlee Amendment, a state provision that automates millage rollbacks when property values rise faster than the rate of inflation.
HCS has used sinking fund dollars for heating/cooling system upgrades and repairs, paving, signage, pool improvements, site improvements and interior and exterior door replacements, according to a document provided by the district.
“We’ve been able to accomplish quite a bit,” Hughes said during a school board meeting May 18.
Hughes said, when the sinking fund passed in 2017, it couldn’t be used to purchase technology or buses — but legislation changes have since allowed those uses.
HCS Chief Financial Officer Rachel Bois said the sinking fund “has benefited our general fund greatly” and recommended pursuing a renewal.
Ballot language must be submitted to the Livingston County Clerk’s Office by Aug. 11.
The district is also considering a future bond proposal. Hughes said the earliest the proposal could appear on the ballot is November 2027. Voters previously approved a $45 million bond in August 2020.
Learn more at hartlandschools.us/sinking-fund.
— Contact reporter Evan Sasiela at esasiela@livingstondaily.com. Follow him on X @SalsaEvan.
This article originally appeared on Livingston Daily: Hartland Schools considers sinking fund renewal. What that means
Reporting by Evan Sasiela, Livingston Daily / Livingston Daily
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