Wakefield-Marenisco School Sinking Fund Bond Proposal: November 2024
This November, the Wakefield-Marenisco School District will be asking the voters to consider authorizing a sinking fund millage at the rate of 1 mill.
What is a sinking fund?
A sinking fund is a voter approved millage that can be used to pay for projects or repairs as they arise rather than having to borrow through short-term notes or long-term bonds. Sinking fund revenues are restricted and can only be used for purposes identified in the ballot and revenues must be kept in a separate fund.
Doesn’t the school already have a sinking fund?
The district’s current sinking fund expired in the summer of 2024.
Why is this millage considered a new millage rather than a renewal?
The potential uses for sinking funds were expanded through legislative changes allowing the funds to be used on a wider variety of uses in schools. The expired sinking fund was only able to be used for specific building and grounds projects. In addition to the “old” purposes, the proposed sinking fund would be able to fund the purchase of technology, security projects, and school bus and vehicle purchases and maintenance. Sinking funds can only be used for purposes identified in ballot language approved by the voters. Therefore, we needed to let our most recent millage expire and seek voter authorization for a new millage so we can use the funds for the expanded purposes listed above.
How much is the millage for?
The requested millage is for 1 mill. This is $1.00 on each $1,000 of taxable valuation. We are seeking a 10 year millage which would run from 2025 to 2034.
How much does the millage raise for the school?
The amount will vary because tax values fluctuate. The estimated amount this millage would raise for the school in 2025 is $131,155.