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Warrick County School Corp. Board of Finance meeting: district financials presented; officers named
Summary
Board of Trustees recessed for a Board of Finance meeting and reviewed statutory fiscal indicators and investment returns; board reappointed finance officers and heard the district’s rating and cash-balance information.
The Warrick County School Corp. Board of Trustees recessed into a Board of Finance public meeting on Jan. 27, 2025, to receive a review of statutory fiscal indicators, recent investment performance and three-year funding projections. The board then ratified officers to the Board of Finance by roll call.
Leonard Glover, identified in the meeting materials as having served as secretary to the Board of Finance, read the statutory agenda and led the roll call to appoint officers. The board voted to appoint Jeff Baker as president of the Board of Finance and Leonard Glover as secretary; the motion carried on a roll call with all members voting “aye.”
District materials presented to the board described a decline in the overall cash balance on hand of $1,172,000; the packet also included an “accrued decrease” figure that staff read as $2,064,000,000 in outstanding accounts receivable and payable. The presenter said the cash decrease had been planned and was slightly less than projected because staff had sought to raise reserves ahead of the expiration of ESSER funding.
The materials compared estimated balances provided the previous summer with actual balances as of Dec. 31, 2024, and showed most fund balances came in higher than the conservative estimates. The presenter noted school-lunch balances were an exception and said district staff are “exploring to see whether or not we might need a slight increase to school lunch price for the start of 25/26.”
An investment summary for 2024 showed interest earnings were favorable for the year despite downward-trending rates; presenters said local investments remain a component of the portfolio even though some money-market rates are below the Indiana Trust rate. The district referenced an external review group it named in materials and noted the corporation’s “AA plus” rating and a conclusion that the district’s financial posture is strong.
Board members did not take additional action at the finance meeting beyond the officer appointments; the board reconvened its regular session after the finance review.
