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Board of Finance: MSD Boone Township reports healthy reserves, investment gains and $2 million IRA payment
Summary
At the Jan. 13 Board of Finance session, presenters said district funds earned approximately $25,000 from First Source Bank and about $118,000 from Trust Indiana, noted declining enrollment (ADM ~950; fall count 912; projected ~860), and confirmed receipt of a $2 million Inflation Reduction Act payment with roughly $500,000 still outstanding.
At its Jan. 13 Board of Finance meeting, MSD Boone Township reported positive investment returns and ongoing enrollment decline. The finance presenter said district funds are held in two primary vehicles: a First Source Bank account that generated about $25,000 in earnings last year and a pooled account at Trust Indiana that produced about $118,000; the presenter cited Trust Indiana’s current yield near 3.7% and praised its liquidity compared with fixed CDs.
The presenter reported enrollment pressures: average daily membership (ADM) historically around 950, fall count at 912, and an anticipated starting enrollment near 860 next year. The transcript records these figures as the presenter’s estimates; the board discussed staffing adjustments, retirements and ongoing scheduling work to align staffing levels with student counts.
On capital funding, the presenter said the district maintains a rainy‑day fund of over $1 million and confirmed receipt of a $2 million payment under the Inflation Reduction Act; about $500,000 remains owed. The presenter said much of those funds are earmarked for roofing projects and are currently held in Trust Indiana to earn interest until spent.
The Board of Finance session included routine housekeeping items and then adjourned; the regular board meeting resumed afterward. The transcript contains a few numeric and name transcription errors (see audit), so figures here are reported as provided by the presenter and marked approximate where the recording was unclear.
