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Muncie school board approves financial report, authorizes year-end transfers and applies for Title I/IV waivers
Summary
The Muncie Community Schools board heard a financial report showing a $29 million cash balance and $6 million in bond proceeds, authorized year-end and rainy-day transfers (permission up to $3 million), approved Ed Flex waivers for Title I and Title IV, and approved additional appropriations of up to $400,000 (rainy day) and $2.6 million (education fund).
At its regular meeting, the Muncie Community Schools board received the October financial report and approved a slate of fiscal and federal-funding actions by voice vote.
Finance staff reported an October ADM count of 4,908 and a cash balance of just over $29 million in the district’s checkbook fund; staff also reported the closing of $6 million in general obligation bond proceeds. The district said its outstanding state loan remains roughly $8.2 million with payments of about $180,000 per month.
The board approved the financial report and granted staff permission to make year-end transfers to balance accounts before the close of the fiscal year and to make potential rainy-day transfers up to $3 million of unobligated funds. Finance staff noted an estimated transfer of about $880,000 was already expected in the fourth quarter.
Dr. Bell presented a renewal application to seek two Ed Flex waivers related to federal Title I and Title IV funds: waiver 1 would increase allowable Title I carryover from 15% to up to 25% under specified conditions; waiver 4 would grant additional flexibility in spending Title IV funds when allocations exceed $30,000. After a required public-comment window with no speakers, the board voted to apply for both waivers.
The board also held a public hearing on additional appropriations and voted (motion by Dr. Wasart, second by Mr. Irvin) to approve an additional appropriation of up to $400,000 from the rainy day fund for capital or operational needs and up to $2.6 million from the education fund to cover fourth-quarter operating expenses. No members of the public spoke during the hearing.
All approvals were recorded via voice vote at the meeting; the board packet and staff presentations contain the detailed line-item schedules and application materials for the waivers and the appropriation resolution. Board members asked questions about transfer mechanics and the source and use of funds; staff said the transfers are routine year-end accounting actions and described the types of operational expenses the education fund covers, including transportation, maintenance and custodial services.
The meeting concluded after routine closing remarks and adjournment.
