Technology & Furniture
Technology & Facility Assessment
Identifying $33 million in critical needs...
The Facilities and Tech assessment, which was presented to the Board of Education in the 2018-2019 school year, revealed $33 million in critical needs over the next three years (2019/2020, 2020/2021, and 2021/2022 school years). The Sinking Fund covers approximately $2 million in work each year. Without another funding source, the district will need to manage the decline of both technology and facilities.
What is a "Sinking Fund"?
On May 8, 2018, voters in Bloomfield Hills Schools were asked to consider a .7165 mill, six-year sinking fund replacement (to replace the previous sinking fund, which was set to expire in December of 2018).
A sinking fund is a savings account into which a local school district can deposit voter-approved local millage revenue in order to pay cash for the most urgent building projects or repairs as they arise. Sinking funds provide districts with a cost-effective alternative to borrowing or bonding for some expenditures because they require none of the associated legal fees or incurred interest.
The voters approved the .7165 mill, six-year sinking fund on May 8, 2018.