Kali Katerberg/Daily Mining Gazette Pictured is Hancock Middle School, one of the buildings in the district, along with Barkell Elementary School, with needed repairs that could be paid for by a proposed sinking fund if the millage passes in the August election

HANCOCK — In August voters will vote on a sinking fund millage proposal for the Hancock school district aimed at funding building repairs and security improvements.

The School Board unanimously approved a resolution to call the special election at their Tuesday meeting.

The proposed sinking fund would be for 1.5 mills and run from 2018 to 2022, raising approximately $260,000 a year for the district.

Major projects include a new high school roof, structural and roof improvements at Barkell Elementary, upgrading plumbing and heating, technology upgrades, floor improvement, gym improvements, energy-saving lighting and new security measures.

Barkell and the security measures would be among the improvements in the first year, said Superintendent Kipp Beaudoin. The high school roof would be replaced the following year.

Wanting to be proactive but also mindful of the taxpayer and the district’s needs, the sinking fund was seen as the best option, Beaudoin explained.

“We’re not going to put anything forth that we aren’t going to support as a parent or as a taxpayer in the district,” Beaudoin said.

Sinking funds work similarly to a savings account with taxes being collected at one time and spent for that year avoiding borrowing and interest payments. Each year has an approved list of projects the funds will pay for laid out in advanced.

If sinking fund parameters are not followed, the district will be unable to get a sinking fund again.

“A lot of districts have gone to this (sinking fund) because of school funding in Michigan,” said Louis Meyette, senior project manager from OHM Advisors who is working with the district.

The majority of state funding goes to paying educators with little left for building maintenance making shortfalls common, he explained. As a result sinking funds have become a common way for districts to take care of building repairs.