Grand Rapids — A proposal for a new 0.95-mill sinking fund will go before Grand Rapids Public Schools voters in the Aug. 4 primary election.
A sinking fund is a 10-year-limited property tax levied by school districts to cover the cost of various repairs and renovations, as well as safety, security and technology needs as they arise, without creating new debt for the district.
Approval of the proposal would allow the district to levy an additional 95 cents on every $1,000 of taxable home value for district residents, meaning about $12 more per year for residents who own homes that cost $300,000. It would generate around $7 million in its first year, said GRPS Communications Director Luke Stier.
“Funding from the sinking fund would focus on facility needs like repairing roofs, plumbing, windows, HVAC systems, and also safety and security upgrades, and technology needs, like devices for both scholars and staff,” Stier said.
Sinking fund dollars would not be used for projects included in the $305 million “Reimagine GRPS With Us” bond approved in 2023, which is funding new and renovated learning spaces and facility realignment efforts.
“The sinking fund really steps in to help make sure that we’re properly maintaining our facilities, and keeping them in great condition throughout their life … so that we’re taking care of our buildings and providing safe places for our scholars to learn,” Stier said.
The district’s current millage rate is 3.85 mills; approval of the sinking fund would bring that total up to 4.8, which would still be less than many of the districts in the county, Stier said.
Additional information about the proposal can be found here.
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