The purpose of this site is to provide citizens, parents, and taxpayers the information they will need to make an informed decision on any future proposed bond or sinking funds spending from Lapeer Community Schools. Decisions of this importance should be based in facts and known information. While we agree that we must invest in our children, we believe that all spending needs to be thoroughly examined by the citizens who will be paying the bill.
Sunday, April 21, 2019
Why the mills we pay for the LCS 2007 Bond have changed and gone up.
As was part of the team that worked for the 2007 middle school bond, I remember that one of the biggest selling points was that the millage rate was going to be the same as the sinking fund which was expiring. That was a 2.2 millage rate. But beginning with the financial crash in 2008, Property values fell. Just as in a mortgage or car loan, you have to make your payments. As a result, the millage rates that Lapeer School families were paying had to increase. That rate peaked in years 2012-2015. Millage rates increased 0.8 mills to a total of 3 mills. Property values have come back in recent years, and our millage rates have been adjusted to 2.75 mills. This could happen again given our unsure political climate. The new proposed L.C.S. bond proposal would add almost $100 million to our debt.
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