Board of Finance reviews investment returns, approves expired-warrant clearance and banks for 2025

The MSD Steuben County Board of Finance met immediately after the regular board meeting on Jan. 14 to review investments, financial condition and procedural finance items.

The finance report highlighted a sharp increase in interest income compared with recent years; administration reported approximately $975,657 in interest earned year-to-date on district deposits and recommended continuing established banking relationships with First Federal Savings and Farmer State Bank. The board voted to keep the current depositories on the district's list for 2025.

The board approved action to cancel a set of expired warrants (checks outstanding two years beyond issuance) after attempts to locate payees were unsuccessful. Administrators said staff had made outreach efforts to reconcile outstanding items prior to requesting board action.

The board also reviewed the financial-condition (DUAB) report, which presented enrollment (ADM), assessed value, fund balances and debt-service management. Administration explained that some fund-balance shifts reflect construction bond activity and described how managing debt-service cash balances affects the district's tax rate. The board heard the district's teacher-compensation compliance figures and was informed the district meets the state's compensation threshold (reported at 63.42% per Indiana Department of Education calculations).

Finally, the board approved updating the mileage reimbursement to the IRS rate in effect (reported as 70 cents per mile since Jan. 1) and recorded the meeting's votes by roll-call.