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Board of Finance approves depositories and hears detailed district funding overview
Summary
The Rossville Con School District Board of Finance approved Regions Bank and First Financial as depositories, voided long-outstanding checks, approved conflict-of-interest disclosures, and heard a detailed presentation on funding sources, enrollment trends and fund balances.
The Board of Finance, meeting immediately after the regular Rossville Con School District Board of Education session, approved designated depositories and reviewed the district's financial posture. Staff opened the Board of Finance meeting by summarizing its statutory responsibilities to designate depositories and review annual investment reports.
Board members moved and approved continuing Regions Bank and First Financial Bank as the district's public depositories. Staff noted the district currently has no funds invested under its investment policy (section 6020) and described the authority granted to the treasurer to invest funds in compliance with Indiana law.
The board approved the removal (voiding) of outstanding checks older than two years from the financial records and approved conflict of interest disclosures that will be uploaded to the state Gateway system. Staff then delivered a substantive overview of school funding: sources (state, federal, local), formulas based on average daily membership, categorical federal aid (Title I, II, III, IV), special education funding, food service funding, and local options including referendums and debt instruments used for capital projects.
During the overview staff reported the district's average daily membership (ADM) rebounded to roughly 927 students from lower counts the prior year, noted a current operating fund balance around 17.5% of expenditures, and referenced recent capital spending (track replacement) as a draw on reserves. Staff described how assessed valuation changes affect tax rates and how transfers between funds are capped (15% guidance cited in the record). The board asked no substantive follow-up questions in the record; the Board of Finance then adjourned.
(Attributions: staff presented financial details; motions to approve depositories, void checks and disclosures were moved and seconded by board members.)
