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Board accepts 2019 investment report and reviews new state financial indicators
Summary
Superintendent Wood presented the district's 2019 investment report and the new Distressed Unit Appeals Board (DUAB) financial indicators. The board accepted the investment report and was told Westville is not on the DUAB radar; rainy-day fund balances have increased since 2016.
Superintendent Sandra Wood reviewed the district’s 2019 investment report and the newly required DUAB financial indicator charts during the Board of Finance session of the Jan. 15 meeting.
Wood walked board members through monthly interest totals, a revenue/expenditure/fund-balance summary and comparative charts. She explained that the DUAB charts use calendar-year 2018 data and therefore lag the district’s current fiscal position. The district’s deficit-surplus trend was positive for the prior two years and the 2018 fund balance equated to 14.4% of expenditures in that year.
Wood also highlighted a comparison of tuition support received per student versus general-fund spending per student: the district received more per pupil than it spent from the general fund in the period shown. Board members noted steady enrollment trends and that Westville does not appear on the DUAB watch list. Mrs. Hannon moved to accept the investment report and Mrs. Wilson seconded; the motion carried.
The board did not revise Policy 6144 (Investment Income) during the annual review; Wood indicated the policy authorizes the treasurer or superintendent to invest available monies in instruments permitted by Indiana law.
The acceptance of the report and the DUAB overview concluded without further action.
