May 2019 Election

May 2019 Sinking Fund Proposal
Posted on 04/11/2019
May 2019 Sinking Fund Proposal

maY ELECtion
There will be an election on May 7, 2019 for all voters in the Comstock Public School District (Precincts 2, 3, 5, 6, and 7). Polls will remain open from 7:00 a.m. until 8:00 p.m. on the day of the election. However, any registered voter may now vote by absentee ballot.

Registration deadlines and requirements have also changed. Here are some important dates to remember:

  • April 22 - Last day to register in any manner other than in person
  • April 23 through May 7 @ 8:00 p.m. - In-person registrations available with the Clerk (proof of residency is required)
  • May 3 @ 5:00 p.m. - Deadline to request absentee ballot via mail
  • May 6 @ 4:00 p.m. - Deadline to request absentee ballot in person

Be sure to contact the clerk if you have any questions at 269-381-2360 or clerk@comstockmi.gov.

Sinking Fund Information
On Monday, February 4, 2019, the Comstock Board of Education adopted a resolution submitting a sinking fund proposal to voters in the district at an election to be held on May 7, 2019. The sinking fund is a 10-year, 1 mill proposal. For every $100,000 of home value, the contribution would be approximately $50 per year or about $4 per month or about 14 cents per day.

Michigan Law restricts the use of sinking fund monies. The district will use the sinking funds to upgrade and repair our infrastructure and facilities. Sinking funds may not be used for wage, salary, or benefit increases.

According to our accountants, the sinking fund will generate revenues of about $500,000 a year. Here is a list of projects we have targeted for priority with sinking funds:

  • Paving projects at all buildings
  • Roofing especially at Green Meadow
  • Flooring and carpeting
  • Windows
  • Doors
  • Ceilings
  • Sidewalks
  • Upgrades to the computerized facilities and building management system that runs furnaces, boilers, and other related equipment
  • Upgrading the outer walls of both North Elementary School and STEM Academy by removing the original surface and replacing it with a new material

Bond vs. Sinking Fund
Recently, questions from the community made us aware that there was an understandable level of confusion regarding the differences between a bond and a sinking fund. Here is a simplified explanation that may be helpful. This is informational only.

BONDS
Because of the low debt for CPS, there was a “no tax increase” $40 million dollar bond proposal that passed overwhelmingly in 2016. Essentially, voters could vote "yes," and not see an increase in their taxes. Importantly, bonds raise large amounts of money that must be spent in a relatively short period of time (no more than 5 years), and are generally used to build new buildings or substantially renovate existing facilities. Comstock Public Schools are currently using bond monies to make many improvements throughout the district.

SINKING FUND 
A “sinking fund” raises much smaller amounts of money (our current 1-mil proposal will only raise about $500,000 a year) but goes for 10 years. Any money not spent in one year can roll over to the next. Unlike bonds, which build or renovate, a sinking fund's purpose is more for maintenance and emergency types of repairs for parking lots and roads, roofs, doors, windows, flooring, and lighting. Legally, a district may have both a bond and a sinking fund, one or the other, or neither. The funds go to serve different aspects of a district's facilities needs.

If you have any questions, contact Superintendent Dr. Jeff Thoenes at thoenesj@comstockps.org or 269-250-8906 for more information.