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Board of Finance reviews annual investment report, financial condition and teacher-compensation funding floor
Summary
At the Board of Finance meeting immediately following the regular session, trustees received the annual investment report (interest earned cited at about $807,000), reviewed the district financial condition (DUAB data) and approved the teacher-compensation funding floor, with the presentation showing MSD spent roughly 68.98% of its revenue on teacher compensation in FY25.
Immediately after the regular meeting on Jan. 13, the MSD Steuben County Board convened as the Board of Finance to complete statutory finance duties, including electing officers for the Board of Finance, reviewing the annual investment report and considering the teacher-compensation funding floor.
Administration recommended keeping the current school board president and secretary as officers of the Board of Finance pursuant to Indiana Code 5-13-7-6; the board approved the recommendation and named Corey Archibald president and Rebecca Maggard secretary for the finance board.
Doctor Penrod presented the annual investment report, reporting interest earned of about $807,000 for 2025 and summarizing total revenue and expenditures across all funds. The presentation included fund accounting rules (segregation of project funds and 700-series construction funds), an end-of-year revenue figure stated as approximately $46,000,002.47 and expenditures around $43,002,174.80 as presented in the meeting slides. Penrod also highlighted that the district’s total cash balance across funds represented about 42.4% of annual expenditures, a metric used to evaluate financial health.
The board reviewed the Distressed Unit Appeals Board (DUAB) financial-condition dashboard showing ADM, net assessed value (reported in the presentation at about $2,009,940,000) and fund-balance trends across years, and then approved motions to accept the revenue report, investment policy review (policy 3200, no changes), expired warrants handling and curricular/extracurricular account reports (ECA balance stated at $253,002.97).
On teacher compensation and the funding floor, Penrod reviewed statutory history: an earlier 45% requirement later expanded to a 62% calculation (including benefits). For FY25, state tuition support was reported just over $19.5 million and MSD’s teacher compensation (salary plus benefits) was reported at about $13.5 million, representing 68.98% of revenue; full-time salary totals and funding-floor calculations were presented and the board approved the item by roll-call vote.
The finance meeting adjourned after board votes; the final adjournment vote carried with one board member voting nay, expressing a preference to continue the meeting longer.
