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District finance report: roughly $50 million cash balance, DUAB indicators reviewed
Summary
Superintendent told the board HCCSC held a cash balance slightly over $50 million as of Dec. 31, 2024, reported about $1.374 million in 2024 interest earnings and reviewed the DUAB fiscal indicators; the board approved November 2024 financials.
Huntington County Community School Corporation’s leadership told the board the district’s fiscal indicators look strong as staff presented the investment and DUAB (Distressed Unit Appeals Board) report and the November 2024 finance packet.
Superintendent Trout said the district had no certificates of deposit at the time of the report and described the district’s cash position: "The cash balance as of 12/31/2024 is slightly over $50,000,000," he said during the presentation. He told members the district earned interest in 2024 of about $1,374,000 across bank and construction accounts. Trout and finance staff discussed bank choices; Everwise (the district’s primary bank) was yielding about 4% and another listed rate at US Bank was about 2.45%.
Board and finance staff reviewed the seven DUAB fiscal indicators required by Indiana code: average daily membership, demographics (including an uptick in free/reduced and ELL), fund balances as a percent of expenditures, annual deficit/surplus trends, revenue by type, and operating-referendum share of revenue. The superintendent noted that, despite a nine-year trend of declining enrollment, fund balances increased in recent years largely because of ESSER and CARES funding. Finance staff recommended no changes to the investment policy at this time.
The board approved the November 2024 financial reports by motion; the chair announced the motion passed unanimously, 6-0.
Board members discussed construction-related fund activity, the rainy-day fund allocations for a new administration office, and the upcoming schedule for year-end financials in January. The superintendent said staff will return with additional details as construction projects progress and fund transfers occur.
