Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget And Finance topic
No spam. Unsubscribe anytime.
Wabash City Schools reports a monthly shortfall, board approves $430,000 transfer to rainy day fund
Summary
District finance staff reported revenue below projections and an actual net loss for the month; the board approved transferring $430,000 from the education fund to the rainy day fund and was informed of an IDOE-required repayment of $116,351.36 tied to maintenance-of-effort rules.
Wabash City Schools' business officials told the board on March 16 that the district posted revenue slightly below projections for the month and reported a larger-than-expected net loss.
The administration said lower-than-expected cafeteria reimbursements and state grant timing contributed to the shortfall; payroll costs for the month were about $60,000 lower than projected. The superintendent presented figures showing the district's education (ED) fund at just over $1.6 million and the operations fund in the negative (reported in the meeting at approximately -$100,649). The district's rainy day fund was reported at $9,441, and total key fund balances at the end of February were presented as about $1,527,480.
To bolster reserves, the board approved a resolution to transfer $430,000 from the education fund into the district's rainy day fund. Administration noted the district has made similar transfers in prior years.
Administration also notified the board of a repayment that the Indiana Department of Education (IDOE) has required for a maintenance-of-effort shortfall from the 2022-23 school year. The amount reported to the board was $116,351.36; administrators said the repayment must come from state funds (ED fund) and is due in September. The board was told that publishing a taxpayer notice via the Indiana Gateway and a presentation to the city council will be required as part of the additional appropriations process.
What happens next: Business office staff will proceed with the transfer and prepare the required public notice and a city council presentation for the additional appropriations and repayment plan. Board members asked for copies of the full revenue-and-expense materials and said they expect a follow-up in the next regular meeting.
Direct quotes from the meeting are taken from the district's financial presentation and board discussion and reflect the figures and timelines presented by staff.
