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Muncie board approves financial report after bond proceeds push cash balance to about $37.8 million
Summary
Muncie Community Schools trustees approved the financial report after Treasurer Mister Jerome said November bond proceeds tied to the Muncie Central Campus project increased the district’s cash balance to roughly $37.8 million; the district projects about $47 million in state basic aid for the year and plans transfers to its rainy day fund.
Muncie Community Schools trustees voted to accept the district’s financial report after hearing that bond proceeds received in November raised the district’s overall cash balance to about $37.8 million.
Mister Jerome, who presented the monthly finance update, said the district received an early draw of its state basic grant in November—about $3.8 million—and is projecting roughly $47,000,000 for the year based on an average daily membership of 4,908. "We expect state basic grant to be about a little over $47,000,000 for the year because that's now based on our, ADM count that we reported in October of 4,908 students," he said.
Jerome told trustees the November cash spike resulted from bond proceeds sold to support work at the Muncie Central Campus, including the field house, parking lot, concessions and restroom and electrical improvements. He said an outstanding state loan remains a little over $8 million and a debt-service payment of about $5.3 million is due in December.
Trustees asked whether and how much the district could transfer into its rainy day fund. Jerome said the bulk of any transfer would come from the education fund while leaving that fund with a surplus, and said the district would "try to get $1,000,000 or more" if possible but remains constrained by statutory limits on transfers.
With no further questions, the board moved, seconded and approved the financial report by voice vote. The board indicated it will finalize year-end transfers after December spending is complete and return remaining excess to the rainy day fund where permitted by statute.
