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Mt Vernon board authorizes finance committee, affirms investment policy and reviews DUAB fiscal indicators
Summary
The Mt Vernon School Board approved a resolution creating its 2025 board of finance, reaffirmed its investment policy that permits Trust Indiana and local construction funds at GBC Wealth Management, and received an informational review of DUAB fiscal indicators noting a planned cash drawdown tied to upcoming construction.
The Mt Vernon Community School Corp board on Jan. 6 approved a resolution creating the district's board of finance for 2025, reaffirmed its investment policy and received the 2023 DUAB fiscal-indicators report that the district placed in the meeting record.
The actions came during the board's finance meeting, where Mr. Elkins, who presented the financial items, told the board the items are routine annual requirements and that the district's investments conform with Board Policy F200. "This is wash, rinse, repeat annually in January," he said, noting the district in 2024 began using Trust Indiana and maintains construction funds locally at GBC Wealth Management.
The board voted unanimously, 5-0, to approve Resolution 202501, authorizing the board of finance, and Resolution 202502, adopting the stated investment policy and delegating continued investment decisions that conform to Policy F200. The motions were made and seconded during the meeting and each motion carried 5-0.
In an informational item, board members were shown the DUAB (Department of Unbounded Assistance/Budget) fiscal-indicators report available on the DUAB website. Miss Drakens said the report focuses on DLGF-related indicators including rainy-day, pension, debt service, operations, education and referendum funds and does not examine local funds. She told the board the district's cash balance decreased largely by choice as the corporation used funds ahead of expected referendum revenue to increase personnel compensation and that the district expects another planned dip in 2025 because a new building is coming online. "Our cash balance did decrease. That was partly or mostly by choice," she said.
Mr. Elkins pointed to the attachments provided to trustees: the investment policy text, summary bank earnings for regular accounts and a separate statement showing the construction fund earnings with GBC Wealth Management. He said the attachments document that the investments match the district policy and are not placed in high-risk instruments.
Board members asked whether DUAB oversight ever ends; Mr. Elkins said districts that underwent debt restructuring remain on DUAB's watch list for many years and that DUAB continues to look for trends and advise districts as needed. He described the agency's role as conversational and advisory, and said DUAB would flag unplanned trends.
Votes at a glance: Resolution 202501 (authorize board of finance): motion to approve by Kelly Freeman, seconded (not specified on record), carried 5-0. Resolution 202502 (investment policy / Policy F200): motion to approve by Shannon Walls, seconded (not specified on record), carried 5-0. Adjournment of finance meeting: motion to adjourn by Kelly Freeman, seconded by Shannon Walls, carried 5-0.
The board's finance meeting concluded with no additional action requested; the board then recessed briefly before the reorganization meeting.
