Frequently Asked Questions

A sinking fund is the term used for a dedicated fund for specific purposes. The name is derived from 18th century England, when such funds were used to pay down, or “sink,” the national debt.

In GPPSS, the sinking fund is used primarily for work such as repair and replacement of boilers, roofs, and parking lots; emergency building repairs; and essential facility needs in our schools. It cannot, by law, be used for salaries or district operations.

The proposed sinking fund will be used for construction or repair of school buildings, improvement and development of sites; school security improvements, technology upgrades, and acquisition of student transportation vehicles, trucks and vans; parts, supplies, and equipment to maintain these vehicles.

The district’s current 5-year sinking fund, which generates approximately $3.5 million annually, is set to expire in December 2024. The district’s 2022 Capital Assessment Report revealed more than $252 million in necessary improvements. A new sinking fund will help address some of these needs over the next decade.

If approved, the new sinking fund will be levied for 10 years, 2025 through 2034.

The new sinking fund is expected to generate approximately $11 million per year. This amount may change if the taxable property value within the district changes.

The proposed millage rate for the new sinking fund is 3.0 mills, which translates to $3.00 per $1,000 of taxable valuation.

Compared to nearby school districts, GPPSS maintains a relatively low millage rate (consisting of debt levy and sinking fund levy). For more information, scan the QR code.

The major objectives include increasing building security, refreshing instructional and student technology, ensuring code compliance, replacing fire alarm systems, and implementing a comprehensive roofing replacement program.

A sinking fund is used on a “pay as you go basis” and all monies collected are utilized to directly benefit the district. A bond is a form of borrowing, which means the district must pay back the borrowed funds over a period of years with interest. A sinking fund millage is levied, not borrowed, which means the revenues are generated from a tax and do not include the district taking on additional debt or expenses.

The sinking fund will enhance building security by improving door access controls, cameras, surveillance, and access control systems across all school facilities.

The sinking fund will support a technology refresh, including Chromebooks for state testing and digital learning, Smartboards, and infrastructure upgrades.

The sinking fund will be used to acquire and maintain student transportation vehicles, trucks, and vans.

Major middle school pool renovations, district-wide air conditioning, and classroom furniture are not included in the sinking fund.

The district annually re-evaluates needs based on changes in technology, building codes, enrollment, and other factors.

Projects will be strategically planned and implemented through market analysis, bid packaging, and timing strategies, with bi-annual board updates to provide transparency and accountability.

By upgrading technology and infrastructure, the sinking fund supports educational goals by providing students and staff with a safe, modern, and conducive learning environment.

If the sinking fund does not pass, the district will have to rely on general funds to pay for the costs of the identified capital needs.

For more information or to ask additional questions, please contact the GPPSS’s administration office. We welcome community engagement and are happy to address any concerns.

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