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District reports property tax shortfall driven by circuit breaker; board finance reviews investments
Summary
Business office representatives told trustees the district collected less property tax than certified, largely due to circuit breaker losses, and the Board of Finance reviewed investment earnings and fiscal indicators.
South Madison Community School Corporation business staff reported a property tax collection shortfall and presented the board finance report, which included investment earnings and fiscal indicators.
Mr. McCarty told trustees the district’s certified property tax levy and actual collections for 2024 differed, with the administration reporting a roughly $970,000 shortfall that was primarily driven by circuit breaker losses. He showed assessed value growth in recent years (referencing an assessed value near $1.3 billion) and explained the circuit breaker impact on collections.
McCarty also presented a board finance report and said the district earned interest on investments during the year; he reported interest earnings of $95,152.35 and described the district’s approach to investing the GEO bond proceeds with a negotiated rate less than the district’s borrowing rate. The board elected to approve the Board of Finance slate and reviewed the treasurer’s written report and fiscal indicators prepared under Indiana Code 5-13-7-6.
The administration also noted early state funding formula material that the district is reviewing; the funding floor document shows apparent changes in wage/benefit calculations that the district is verifying with the state. The board received the information for its records and the finance items were forwarded as part of the Board of Finance review.
