Sinking Fund Millage

Thank You, Voters!

Southfield Public Schools Sinking Fund Millage Passes on May 8, 2018

The unofficial Sinking Fund Millage election results have been posted by Oakland County:
57.77% voting in favor of the proposal.

WHAT IS A SINKING FUND MILLAGE?

Tax on ALL properties for 10 years to fund infrastructure improvements and repairs to school district facilities
The tax revenues that are generated are exclusively used for the purposes stated in the ballot language
No money is borrowed, so there is no debt is issued or interest paid by taxpayers

WHY IS A SINKING FUND MILLAGE IMPORTANT?
Investing in the district’s infrastructure will help achieve the district’s goals of:

Assuring that its facilities are safe, secure, up-to-date and attractive for the overall well-being of students, staff, and the community.
Protecting the community’s investment in its schools, attracting students and maintaining property values.

WHAT WILL THE SINKING FUND COST?
This will result in a ZERO net increase over the school debt millage rate paid by Southfield taxpayers in 2017.

The refinancing of the bonds in 2017 reduced the district’s borrowing costs, resulting in a .7 mill reduction in the school debt millage rate going forward.
Replacing the 0.7 debt mill reduction with a 0.7 mill sinking fund provides funds to improve district infrastructure.
0.7 mill sinking fund would provide approximately $1,680,000 of annual resources for repair of school buildings, school security improvements, and technology.
0.7 mill equals 70 cents per $1,000 of taxable value. For example, the tax on a home with a $50,000 taxable value would be $35.