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Hammond board hears CFO budget review as public questions $6M borrowing; several contracts and policies move forward
Summary
The board heard a monthly financial report detailing a $6 million tuition-anticipation warrant and related fund balances; the public questioned a resolution to shift interest to debt service. Trustees approved several routine contracts and adopted policy 0100 after a reconsideration vote.
Trustees reviewed the district’s monthly financial report for the period ending Oct. 31 and discussed a public hearing on Resolution 2024–2025 No. 002, which would authorize an additional appropriation from the debt-service fund to cover interest on a $6,000,000 tuition-anticipation warrant (TAW) obtained through the Indiana Bond Bank.
CFO Eric Kurtz explained district fund balances: the education fund balance after deducting the $6,000,000 TAW was about $6.645 million; without TAWs several funds show temporary negative balances (the debt-service fund was described as effectively negative until December distributions). Kurtz said…
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