A sinking fund is a limited property tax used for building maintenance, infrastructure, technology projects, and school security improvements on a “pay-as-you-go” basis. Unlike bonds, a sinking fund does not create debt or incur interest. Rather, the tax is collected annually with all funds being reported on the Grand Rapids Public School District’s website. A state audit is also conducted annually to ensure accountability and transparency.
The 0.95 millage proposal would cost a homeowner with a $300,000 market value and a $150,000 taxable value just over $142 per year – that’s nearly $12 a month or around forty cents per day. If approved, the proposal would generate around $7 million annually for the district.
In 2011, voters approved a 1.0 mill sinking fund for five years for GRPS. That expired in 2016.
GRPS currently has a total millage debt rate of 3.85, ranking 24th out of Kent County’s 27 school districts. If approved, 20 county districts would still have a higher millage debt rate than GRPS.
More information can be found online at GRPSmillage.com
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