Finance director: $283,547 in investments, ESSER funds concluded and district faces circuit-breaker losses
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Summary
Richmond Community Schools’ finance presentation noted $283,547 in interest-bearing investments, a reported nearly $21 million total in ESSER grant funding (with $13 million in the most recent round) now concluded, and an estimated $5,000,000+ loss tied to circuit-breaker adjustments. The board accepted the investment summary and discussed potential moves to Trust Indiana for higher yields.
The Richmond Community Schools finance presenter reviewed the district’s investment summary and fiscal indicators at the Jan. 14 meeting, reporting $283,547 in interest-bearing investments across money-market accounts and a Trust Indiana government pool.
The presenter said the district received nearly $21,000,000 in ESSER grant funds over the covered period, with about $13,000,000 in the final grant round that closed last year. Administration warned the end of those grants and other changes will create significant budgetary pressure in coming years; the presenter told trustees the district expects more than $5,000,000 in circuit-breaker impact this year and that the district is "very close" to a state watch list maintained by the Distressed Unit Appeals Board.
The finance presenter noted Trust Indiana’s reported rate (stated in the meeting as 4.75%) is materially higher than the district’s Chase accounts and said the administration will evaluate shifting additional funds to the state-managed pool to capture higher yields. Trustees asked about the liquidity and restrictions of the Trust Indiana pool; finance staff described it as state treasurer–managed and more conservative in permitted instruments but more attractive for yield.
After discussion and questions about utilities, energy audits and bond-funded HVAC projects that have produced recent savings, the board moved to accept the investment summary as presented. The board was advised that some projected bond reallocations are pre-bid estimates and not final until bids are received.