Nov. 8 School Election. Bond Program and Building and Site Sinking Fund 2016

Transcription

1 Nov. 8 School Election Bond Program and Building and Site Sinking Fund 2016

2 November 8, 2016 Ballot Proposals Bond Proposal to fund immediate facility and technology needs - $8.71 million 1-mill Building and Site Sinking Fund (BSSF), generating $600,000 annually, to address ongoing facility needs and repairs

3 Community-Driven Plan Spring Facilities and Technology Needs Assessment identified $25 million in upgrades throughout district buildings. Spring Input sought within school district and community to prioritize list, resulting in an affordable plan and decision to pursue both a bond and sinking fund. April Board of Education approved Facility and Technology Plan, and recommended funding options. June TMP and R.C. Hendrick & Son Construction hired to prepare bond application. July Board unanimously authorized placing two ballot proposals (bond & BSSF) on November 8, 2016 ballot.

4 Existing Conditions

5 Existing Conditions

6 Bond Program Features

7 Proposed New Bus Loop & Repaving

8 Building & Site Sinking Fund Features

9 What is the DIFFERENCE? BOND SINKING FUND Lump-sum dollar amount that the District borrows in order to fund capital projects. Money is paid back by taxpayers over a period of years, with interest. A limited property tax, considered a pay-as-you-go method, for building, remodeling and repair needs.

10 Why do we need a sinking fund? Perform necessary facility repairs and renovations without using dollars from the General Fund Keep educational dollars IN the classroom, supporting and enriching programs and opportunities for students 171 Michigan Districts have Building and Site Sinking Funds currently in place

11 Economic Advantages - BSSF Money is collected locally, stays local and does not go through Lansing. No interest or debt payments. Projects funded on a pay-as-you-go basis. Improves financial health of school district.

12 Breakdown on Costs Breakdown by Building Bond Estimate of Costs Sinking Fund Estimate of Costs Millside Elementary $1,464,720 $1,064,245 Algonquin Elementary $2,647,390 $1,880,500 Algonac Jr./Sr. High School $3,340,251 $1,364,350 Pointe Tremble Early Childhood Center $821,471 $1,078,620 Operations $175,698 $66,000 Elections Costs minus Interest Earned $260,470 Total Estimated Costs $8,710,000 $5,453,715

13 Millage Rate Comparison (St. Clair County Districts)

14 Taxpayer Impact Market Value of Your Home Taxable Value of Your Home Combined Bond Millage (.6 mills) and BSSF Millage (1.0 Mill) Estimated Monthly Increase $25,000 $12,500 $1.67 $50,000 $25,000 $3.33 $100,000 $50,000 $6.67 Mean home value in ACS* * $200,000 $100,000 $13.33 $300,000 $150,000 $20.00 Mean Home Value based on research by AreaVibe and Sperlings Best Places (2016)

15 Money Will Be Spent as Promised Can be used for remodeling or construction of buildings and sites. Cannot be used to pay for teacher, administrator or employee salaries, maintenance or other operating expenses. * Expenses must be audited for compliance with Michigan Department of Treasury guidelines.

16 Anticipated Benefits of Bond & BSSF 2016 Improves safety, security and operational efficiencies in our buildings. Supports 21st century teaching methods to prepare students for the future. Enhances instructional technology district-wide, providing students with critical skills demanded by colleges and employers today. Preserves our school buildings, which can protect our property values. Keeps dollars in the classroom by funding facility and technology needs with bond and sinking fund dollars instead of General Fund dollars.

17 Important Dates Register to Vote by Tuesday, Oct. 11 Last Day to Vote Absentee Monday, Nov. 7 Election Day Tuesday, Nov. 8 7 a.m. - 8 p.m.

18 For More Information Contact Dr. John Strycker, Superintendent (810) Visit the District website Registration forms and Absentee Ballot Applications are available in your clerk s office or online at

19 Nov. 8 School Election Bond Program and Building and Site Sinking Fund 2016