Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Finance topic
No spam. Unsubscribe anytime.
Finance director reports stronger fund balances and 213-student enrollment gain
Summary
The district reported healthier balances across the education, referendum and operations funds and said a basic grant payment tied to a 213-student enrollment increase helped boost the education fund; officials also noted an early tax draw to earn short-term interest.
A district financial presenter reported improved balances across the Gary Community School Corporation’s three major funds during a November update and attributed part of the improvement to increased student enrollment.
Zach Zegrabowski presented the November financial update, saying the education fund’s January beginning balance was about $9.68 million and that the November balance was approximately $12.47 million; he attributed a roughly $500,000 basic grant payment to an enrollment increase of 213 students. He explained the referendum fund (a tax-bearing fund) had a January balance near $3.75 million and a November balance near $3.27 million after routine transfers to operations and debt payments, and described the operations fund as having improved from about $1.81 million in January to roughly $6.50 million at the end of November (noting November included an extra pay period).
Zegrabowski described an 'early tax draw' on referendum receipts that allowed the district to collect short-term interest on funds that would otherwise be held by the county until scheduled disbursement months. He also noted questioning of some transportation line items that required the district to review invoices with the vendor (First Student) before payment.
Board members thanked finance staff and had no recorded objections to the report; the presenter offered to answer follow-up questions and provided board members with printed information.
