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Excellence & Equity in Education

…

Sinking Fund

Building & Site

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Agenda for today’s meeting

Sinking Fund dollars at work
Sinking Fund 101
Plans for the Sinking Fund
Election & Voter Information

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Reflection Question

If you own a home, what are the types of repair projects that you need to address over time?

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Putting KPS size into persepective

Average home in Kentwood = 1,400 square feet
Average KPS elementary school = 65,000 square feet (equivalent to 46 homes x 10 elementary buildings)
EKHS = 420,000 square feet (equivalent to 300 homes)

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Sinking Funds

How KPS has used funds to support our students

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History of Excellence: Building and Site Sinking Fund

Voters have approved Sinking Fund proposals in 1996, 2005, and 2015. Recent projects, include:

2015-23 - Heating, Ventilation, and Air Conditioning (HVAC) in every classroom
2015-23 - New parking lots with safety lighting districtwide
2015-23 - Roof replacements districtwide
2015-23 - Boiler replacements districtwide
2016 - Falcon Stadium Track replacement
2017 - Pat Patterson Field (located at Crestwood MS) bleacher replacement

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Examples of Past Sinking Fund Projects

Explorer Elem - Carpet

Bowen Elem - A/C Units

East Kentwood HS - Tennis Courts

Ice Arena - Artificial Turf

Brookwood Elem - Lockers

Pinewood MS - Parking Lot

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Sinking Fund 101

What is a Sinking Fund?

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What is a millage?

A millage rate is the tax rate used to calculate local property taxes.
One mill represents a tax of one dollar per one thousand dollars of the assessed value of the property.

The taxable value of 1 mill on a $100,000 home is $100.

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What is a Sinking Fund?

When a school district proposes a Sinking Fund, it is asking for the approval of a specific millage to be levied on property within the district.

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How can Sinking Funds be used?

Allowable uses of Sinking Funds include:

Security, technology, building upgrades, transportation, and purchase of school property.
Sinking Funds cannot be used for operating expenses, employee salaries and benefits.

Without a Sinking Fund, general fund dollars otherwise dedicated to supporting student learning - would need to be diverted to infrastructure.

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Future plans

How KPS plans to use future Sinking Funds for 2025-34

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Priorities for February 2024 Sinking Fund

Safety: Our top priority is the safety of our students, staff and families.
Technology: Modern technology ensures connected learning and preparation for the world of tomorrow.
Facilities: Functional buildings create a welcoming and healthy learning environments.

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Safety

1.

Sample projects:

Additional security cameras
Audible fire-alarm systems
Energy efficient LED lighting
ADA (Americans with Disabilities Act) enhancements (e.g. wheelchair access, visual impairment features)

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Technology

2.

Sample projects:

One-to-One student to laptops
Updates to wireless network
Upgraded phone systems & public announcement (PA) systems

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Facilities

3.

Sample projects:

HVAC (including air conditioning) in all common areas (currently in all classrooms)
Capital upgrades (e.g. replacement of boilers, roofs, carpet, parking lots)
Purchase of buses and vehicles - including clean energy vehicles

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Voter Information

Election and proposal information - Feb. 27, 2024

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Kentwood Public School

Sinking Fund Ballot Language

Shall the limitation on the amount of taxes which may be assessed against all property in Kentwood Public Schools, Kent County, Michigan, be increased by and the board of education be authorized to levy not to exceed 1.5718 mills ($1.5718 on each $1,000 of taxable valuation) or a period of 10 years, 2026 to 2035, inclusive, to create a Sinking Fund for school security improvements; for the acquisition or upgrading of technology; the purchase of real estate for sites for, and the construction or repair of, school buildings; for the acquisition of student transportation vehicles; for the acquisition of parts, supplies, and equipment used for the maintenance of student transportation vehicles; for the acquisition of eligible trucks and vans used to carry parts, equipment, and personnel for or in the maintenance of school buildings; for the acquisition of parts, supplies, and equipment used to maintain such trucks and vans; and all other purposes authorized by law; the estimate of the revenue the school district will collect if the millage is approved and levied in 2026 is approximately $4,180,211?

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Kentwood Public Schools

Sinking Fund Ballot Language

Shall the limitation on the amount of taxes which may be assessed against all property in Kentwood Public Schools, Kent County, Michigan, be increased by and the board of education be authorized to levy not to exceed 1.5718 mills ($1.5718 on each $1,000 of taxable valuation) or a period of 10 years, 2026 to 2035, inclusive, to create a Sinking Fund for school security improvements; for the acquisition or upgrading of technology; the purchase of real estate for sites for, and the construction or repair of, school buildings; for the acquisition of student transportation vehicles; for the acquisition of parts, supplies, and equipment used for the maintenance of student transportation vehicles; for the acquisition of eligible trucks and vans used to carry parts, equipment, and personnel for or in the maintenance of school buildings; for the acquisition of parts, supplies, and equipment used to maintain such trucks and vans; and all other purposes authorized by law; the estimate of the revenue the school district will collect if the millage is approved and levied in 2026 is approximately $4,180,211?

…not to exceed 1.5718 mills ($1.5718 on each $1,000 of taxable valuation) or a period of 10 years, 2026 to 2035…to create a Sinking Fund…

(Millage rate of 1.6 as approved by voters in 1996, 2005 and 2015;

Millage rate as of 2023 is 1.5718 mills)

$4,180,211

funds generated if approved

Allowable uses of Sinking Funds:

School safety;
Technology;
Real estate purchases;
Facility upgrades; and
Buses and vehicles.

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Election information

Register up to 15 days prior to election day (by February 12, 2024).

After this date, registration must be done in-person at the Kentwood City Clerk’s Office (through election day).

Absentee voting begins January 18, 2024.
Early voting begins on Saturday, February 17, 2024.
Election day is Tuesday, February 27, 2024.

Polls open from: 7AM - 8PM.

Voter information:

You are a Citizen of the U.S.
You are at least 18 years of age on or before the next scheduled election.
You have been a resident of Michigan for at least 30 days before the election.
You registered 15 days prior to the election or registered in-person with your local city or township clerk in the final 14 days prior to the election or on Election Day.

Absentee information:

You can obtain an absentee Ballot from the City or Township Office where you are registered to vote. The deadline to apply to receive an absent voter ballot by mail is 5:00 p.m. on the Friday prior to the election. Voters may also pick up an absentee ballot in person during their local clerk's special weekend hours during the weekend before election day. On the Monday before election day until 4:00 p.m., voters may request a ballot in person at their local clerk's office but the ballot must be voted and returned before leaving the clerk's office.

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Elections and Voter Resources

Kentwood City Clerk | 4900 Breton Ave SE Kentwood, MI 49508 | (616) 698-9610

bit.ly/48FSEZf

bit.ly/47gQNJi

bit.ly/47hgtFP

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Wrapping up

Key takeaways from today’s session

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Wrapping up

Sinking Fund revenues support KPS’ ability to provide high-quality facilities and infrastructure.
Without these funds, the potential exists to divert funds from operations to facility upgrades (e.g. hiring a new teacher vs. replacing a boiler or roof).
The millage rate (1.5718 mills) remains the same as the 2023 rate.
Vote by the election date - Tuesday, February 27, 2024
Share what you learned from this meeting!

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KPS Sinking Fund Webpage

bit.ly/kps_sinkingfund

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Thank you!

Questions?