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Muncie board reviews October finances, approves consent agenda and authorizes year-end transfer permission
Summary
The board approved the consent agenda and October financial reports, heard that the district received $9.9 million in bond proceeds, and granted staff permission to make routine year-end transfers and potential rainy-day transfers up to a requested amount for budget balancing.
The Muncie Community Schools board approved the consent agenda and the district's October financial report and granted staff permission to complete routine year-end fund transfers in December, the board said.
At the meeting, Mr. Jerome presented the October financial report and highlighted district enrollment (ADM) at 4,894 and a currently projected state basic grant of about $47,600,000, which he said will be revised on Nov. 15 and Dec. 15 based on updated enrollment. He reported all-funds cash at roughly $30 million, a state loan outstanding of about $6.1 million (down from an initial $12 million), and an expected education fund ending balance near $15 million.
Mr. Jerome also reported receipt of $9.9 million in bond proceeds tied to the first phase of district projects for 2025 and said that, as part of year-end housekeeping, he was requesting board permission to make transfers between funds and to move accumulated funds into the rainy-day fund if appropriate. He specifically asked for latitude to make transfers in December and cited a placeholder figure of $3,000,000 as an upper bound for potential transfers into rainy day, while also noting he would balance transfers against allowable limits (up to 15% of total revenue) and operational needs.
The chair moved and the board approved the consent agenda and later moved to approve the October financial reports; both motions passed by voice vote. The board also moved, seconded and approved the request that staff be permitted to make year-end transfers if needed.
Board members said they had been meeting with finance consultants (Baker Tilly) to examine longer-term options and that assessed valuation data were expected soon; they plan to reconvene in January to continue budget planning.
The personnel change on the consent agenda noted that Mr. Jackson, the custodian at Southview, had resigned or declined to take the position; the board approved the consent items with that change.
