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Finance report: district investment interest rose in 2024; curricular-materials transfer inflates Education Fund
Summary
Business manager presented multi-year investment data and fiscal indicators. The district reported increased investment interest in 2024 but warned yields are expected to decline in 2025. A transfer of curricular-materials funds into the Education Fund increased that fund’s year‑end balance by roughly $1 million.
Kendra Franks, Corporation Business Manager, presented the annual investment report and the Distressed Unit Appeal Board (DUAB) fiscal indicators for the 2023–24 period.
Franks told the board that the corporation held five interest-bearing accounts in 2022 and received $25,917.70 in interest that year. In 2023 the corporation held six interest-bearing accounts and received $407,791.61. For 2024 the corporation held eight interest-bearing accounts and received $629,165.26. The aggregate end-of-year balance reported for all accounts was $17,231,420.72 in 2023 and $16,401,168.62 in 2024; Franks noted the 2023 figure included large bond proceeds tied to a turf project that subsequently were spent or paid down.
During the school-board portion of the meeting Franks reported the Education Fund balance as of Dec. 31, 2024, was $7,239,224.34 (a year earlier the Education Fund balance was $4,987,978.29). She said the jump in the Education Fund is primarily the result of an Indiana Department of Education requirement that curricular-materials funds be moved into the Education Fund as of Dec. 31; she estimated that transfer at just north of $1,000,000. She also reported the Operations Fund balance was $952,827.10 and the Rainy Day Fund balance was $4,303,400.92 as of Dec. 31, 2024.
Franks cautioned the board that interest earnings were likely to decline in 2025 as market rates come down; she said the corporation’s current average yield was roughly 4 percent and that earlier in 2024 it had been closer to 5.5 percent while large bond proceeds were still earning interest. The investment-policy review required under Indiana Code was presented as a discussion item and no changes were proposed.
The financial reports were presented for discussion; board members asked clarifying questions about how curricular-materials transfers and bond proceeds affected reported balances. No formal vote was required for the investment-policy review, which Franks recommended be left unchanged.
