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Mooresville board approves $23.2M investment report, designates depositories and moves $2.32M to rainy-day fund
Summary
The school board approved its 2026 investment report showing $23,185,278.71 in accounts and $713,363.15 earned in interest for 2025, confirmed three depositories for 2026, and approved a $2,316,741.20 transfer from the Operation Fund to the Rainy Day Fund.
At its Jan. 13 meeting the Board of School Trustees approved the district's 2026 investment report and several finance actions presented by Dr. Biggerstaff.
The report showed total account value of $23,185,278.71 and total interest earned in 2025 of $713,363.15. Dr. Biggerstaff detailed earnings by account, including Home Bank certificates of deposit (EOY value $2,234,227.05; interest $73,716.92), Citizens Checking (EOY value $17,278,089.87; interest $513,464.56) and First Merchants Checking (EOY value $1,475,085.99; interest $42,527.93). The board approved the investment report on a 5-0 vote.
The board also approved designating Citizens Bank (checking and money market), First Merchants Bank (checking) and Home Bank (certificates of deposit) as the corporation's depositories for 2026. Following that action the board approved budgetary resolutions, including transfers between funds and appropriations. Notably, the board approved a transfer of $2,316,741.20 from the Operation Fund to the Rainy Day Fund. The votes on these finance items carried 5-0.
Dr. Biggerstaff additionally recommended pre-paying certain claims to avoid late fees; that recommendation was approved by the board. The board adjourned the Board of Finance meeting and reconvened the regular board meeting afterward.
The approvals give the district authority to continue existing banking relationships and to reallocate operating dollars into the district's contingency (Rainy Day) account as reflected in the approved transfer.
