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| Sinking Funds; Legal uses, audits, and changes | |
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| Tweet Topic Started: Jan 18 2006, 12:54 PM (398 Views) | |
| Grant1 | Jan 18 2006, 12:54 PM Post #1 |
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We have just begun to fight!
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http://www.msbo.org/pdf/sinkingfund.pdf http://www.msbo.org/library/SinkingFund/index.shtml http://www.michigan.gov/documents/schoolaudit_3000_7.pdf |
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| Momforone | Jan 18 2006, 03:17 PM Post #2 |
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Principal
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Grant1, Thank you so much for the link for the sinking funds. Didn't the Demo Committee state that they were going to "lease" busses? I thought that's what they stated. Please someone correct me if I'm wrong. |
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| gr1 | Jan 18 2006, 03:58 PM Post #3 |
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Principal
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I also heard Dr. Leipa mention that they will lease buses. They currently lease some of their buses. |
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| ktmom | Jan 18 2006, 04:05 PM Post #4 |
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Principal
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I think its lease to own. |
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| gr1 | Jan 18 2006, 04:13 PM Post #5 |
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Principal
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Does anyone know the benefit of this? |
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| fyi | Jan 18 2006, 04:16 PM Post #6 |
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Principal
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Lease payments go toward the eventual purchase. Is that covered under the sinking fund? |
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| gr1 | Jan 18 2006, 04:23 PM Post #7 |
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Principal
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Sort of like a payment plan? Do they get a coupon book? I don't know about the sinking fund, but my guess is no. It doesn't seem like something that falls under the guidelines mentioned in the links Grant1 provided. |
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| Rose | Jan 18 2006, 04:23 PM Post #8 |
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Principal
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fyi, Can you compare the bus leases to those furniture companies like "Rent to Own" where you pay more by renting and eventually owning, than just buying up front? |
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| Momforone | Jan 18 2006, 04:35 PM Post #9 |
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Principal
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According to the rules of the sinking fund you can not use the funds for installments or leases. So I think they kind of have a problem. Don't you think? |
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| Administrator | Jan 18 2006, 05:15 PM Post #10 |
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Administrator
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The sinking fund CAN NOT be used for busses. Only for capitol improvements. |
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| Grant1 | Jan 18 2006, 08:02 PM Post #11 |
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We have just begun to fight!
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I think we need to keep this "Sinking Fund" use under close scrutiny. But there are state audit measures in place that also keep them under scrutiny, but then again, you are talking about another administration |
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| fyi | Jan 18 2006, 09:33 PM Post #12 |
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Principal
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Even if there are measures in place to make sure they are using the money appropriately, you can't deny that it works perfectly with their plans to implement the LI. There are legitimate things they can use that sinking fund for, but it still doesn't make it right. Taxpayers were duped. |
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| loyaltolivonia | Jan 18 2006, 09:48 PM Post #13 |
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Principal
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Yep, it sure does work perfectly with their plans to implement the LI. Say, Hoover needs a repaving on their parking lot. Let's make it bigger while we're at it to make room for all those shiny new busses :angry: |
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| ktmom | Jan 18 2006, 09:52 PM Post #14 |
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Principal
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Maybe we can start suggesting how they can spend the sinking fund money :-) I wonder if portables could be purchased out of the fund. |
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| fyi | Jan 18 2006, 10:30 PM Post #15 |
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Principal
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That depends. Are portables considered a capital IMPROVEMENT??? |
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3:38 AM Jul 11