Farmington Public Schools trustees will on October 16 talk about options for putting a millage question in front of voters next year.
A memo from Paul Wills, partner with consulting firm Plante Moran CRESA, notes that the district’s Capital Planning Advisory Committee in 2014 recommended looking at a sinking fund or bond proposal to meet long-term capital needs.
In June, trustees reviewed a “high level” assessment of facility needs that included more than $31 million in critical projects and more than $75 million in “deferred maintenance” projects throughout the district. In his memo, Wills outlined two options developed with the district’s financial advisors, administration, and bond attorney:
- A $21.8 million, 5-year sinking fund proposal on the March or May 2020 ballot, with an $88 million bond proposal in 2025. The millage rate would hold at its current level of 3.3 mills; without the sinking fund, millage devoted to debt repayment could drop over the five years.
- A $75 million to $110 million bond proposal on the March or May 2020 ballot. Funding would also keep the millage at the existing 3.3 mills.
Also on the Wednesday, 6 p.m. meeting agenda:
- Recognition of Farmington STEAM Academy Parent Teacher Student Association’s National PTA School of Excellence Award
- Updates on enrollment and strategic planning
- Plante Moran’s annual audit review
- A name change for Alameda Early Childhood Center to FPS Early Childhood, recognizing the unification of Alameda and Farmington Community School early education programs
- Purchase of a $94,653 repeater system for emergency communication frequencies at North Farmington High School
The agenda and supporting materials are posted at v3.boardbook.org/Public/PublicHome.aspx?ak=1000199. Board meetings are typically broadcast live on the district’s cable channel 10 and live-streamed and archived at farmington.vod.castus.tv/vod.