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District finance director: 50-student ADM drop will lower state revenue; cash balances remain healthy
Summary
Mister Jerome told the board that a 50-student drop in Average Daily Membership (ADM) will reduce state basic grant revenue and may depress revenue for the latter half of the year, though the district reported a healthy cash balance and ongoing state loan repayments.
Muncie — The district’s finance presenter, Mister Jerome, told the board the February financial report shows a pending revenue impact from a 50-student decline in the district’s February ADM count that will appear in later months’ state funding calculations.
"We're still waiting on the impact from the state of Indiana based on our ADM count, going down by 50 students at the February count," Mister Jerome said, explaining the revenue impact likely will show up in April, May and June. He said the district still expects about $47,800,000 in state basic grant revenue for the year but cautioned that figure could drop depending on final counts.
Jerome reported the district ended the month with a healthy overall cash balance (all funds near $38–39 million) and updated the board on a state loan, which he said is down to a little over $5,000,000 and is on a repayment schedule that would have it fully paid off by 06/30/2028. He said approximately $2.2 million is scheduled to be paid across 2026 and 2027 under the current plan.
Board members moved, seconded and voted to accept the financial report by voice vote; no substantive amendments were made. Jerome said the administration will continue monthly reporting and will present budget details in August during the formal budget presentation.
