A “sinking fund” is an account into which a local school district can place voter approved local millage revenue to pay for repairs, and/or replacements.
By contrast, bonds are used to borrow money and finance larger projects.
The 2018 bond was used primarily for new and remodeled elementary buildings, to construct the new Gull Lake Center for the Fine Arts and for infrastructure improvements to the high school and middle school.
The 2014 Sinking Fund will expire with the December 2022 tax levy. We are asking the GLCS Community to consider RENEWING the current sinking fund for 9 years.
The District has a 30-year, long-range, facility life-cycle plan and a 10-year facilities maintenance and improvement plan. The Board Facility Committee meets regularly and reviews the list of needed improvements and adjusts as priorities change. The process of review is ongoing.
Yes, the school district is required by law to have an independent audit of the expenditure of monies generated by sinking funds and the audit is submitted to the Michigan Department of the Treasury.
