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Tri Creek reports $546,653 in interest earnings; treasurer flags changing rates, fiscal indicators
Summary
Treasurer Dana presented an investment report showing $546,653.11 in interest earned during the year and reviewed state fiscal indicators, enrollment trends and voucher impacts. The board accepted the report and staff said they will bring investment recommendations to the February meeting.
Tri Creek School Corporation Treasurer Dana told the board Thursday that the district earned $546,653.11 in interest during the year, with the education fund receiving $447,265 and food service about $99,000. The board voted to accept the investment report.
Why it matters: the district’s investment income has been a meaningful one-time boost to operating resources, but Dana said interest rates are starting to dip and staff have issued requests for proposals to lock short- and long-term yields. Board acceptance of the report keeps district staff authorized to proceed with the investment and cash-management strategy until the board reviews formal recommendations.
Dana said the district has kept cash in a high-interest checking account and that “for a total, the education fund received $447,265 there and food service just over 99,000 for a total interest earned for the year of $546,653.11.” She told trustees the district has put out RFPs to consider short-term certificates of deposit and will bring a recommendation to the Feb. 4 meeting.
During the same session Dana reviewed the state’s fiscal-indicator dashboard used by the Distressed Unit Appeals Board (DUAB). The report showed Tri Creek’s fall 2023–24 average daily membership at 3,240 and a 15-year decline of about 344 students since 2010–11. Dana noted the enrollment change is financially consequential: the district would have roughly $2.7 million more on an ongoing basis if ADM were at prior higher levels.
Trustees also heard enrollment and school-choice data: 270 Tri Creek residents on the fall 2024 count were using school choice vouchers to attend nonpublic schools, and the district had 102 open-enrollment students attending Tri Creek from other districts (about 47 newly enrolled in the most recent year). Dana and board members discussed the effect of the 2023–24 expansion of income eligibility for vouchers and said it has contributed to the voucher increase.
Dana reviewed fund balances and preliminary calendar-year 2024 estimates: a one-time transfer of roughly $600,000 from the curricular materials fund (a state-required closing of that fund) plus ESSER supplanting helped the district add to cash balances; adjusting for those items she estimated the underlying increase as smaller but still positive. She said operational reserves remain above recommended DUAB thresholds (education fund about 22–23% and operations about 18% on preliminary figures).
Board President Katie asked about the curricular materials consolidation into the education fund; Dana said the state now treats those expenditures as education fund expenses and staff will track curricular/materials spending within the education fund going forward.
The board accepted the investment report and continued current investment policy; Dana will present firm investment placement recommendations at the February meeting.
