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Superintendent says Mishawaka finances 'generally healthy' but warns of revenue pressure
Summary
Superintendent Theodore Stevens reviewed state-required financial indicators, reporting healthy fund balances and enrollment of about 4,941 students, while warning the district expects future revenue declines tied to state policy and enrollment trends.
Superintendent Theodore (T.) Stevens presented the district’s financial conditions report on Jan. 14, saying the information required by the state shows generally healthy fund balances but flags revenue pressure ahead. He said the state’s disturbed-unit indicators list the district at about 4,941 students and noted revenue declines in 2024 tied largely to lower enrollment and the district’s virtual program funding differences.
Stevens walked trustees through fund-balance charts and revenue-by-type slides, noting a drop in the education fund in 2024 and an operating referendum revenue history. He cautioned that implementation of state-level changes (referred to in the meeting as Senate Roll Act 1) could reduce referendum and state revenues and complicate maintaining previously promised services.
Finance director Rachel Dutoy gave a budget comparison for 2025 versus 2026: a small tax-rate rise (about $0.02052) produced an estimated 10.74% increase in levy funding driven by new home construction; net assessed value rose 9.23% and referendum-related assessed value rose 8.47%. The education budget increased roughly 3% year-over-year, and the district reduced its rainy-day appropriation to $950,000 from $2.5 million after bond issuance for capital projects. Dutoy reported a circuit-breaker estimate of $2,715,075 that will limit available operations funding.
Board members did not take substantive fiscal action on the financial report itself; the presentation satisfied the statutory superintendent review. Several budget-related items (treasurer bonds, micro-purchasing threshold, insurance contract) were later approved in routine motions.
The board’s financial presentations concluded with staff noting they will monitor revenues closely and hold some funds in reserve to help offset expected future declines.
