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Muncie Community Schools board approves consent agenda and monthly financial report; bond sale, $19M construction are discussed
Summary
The board approved the consent agenda and the monthly financial report, heard that about $9 million in bond proceeds are already in the district’s account with a second sale planned for 2026, and was told a pending state loan extension awaits State Board of Finance approval on June 30.
The Muncie Community Schools Board voted to approve the consent agenda and the district’s May financial report during its June meeting.
Board members heard a financial update from the district finance presenter, who reported estimated state basic grant revenue for fiscal 2026 at about $47.9 million (roughly flat with 2025) and a checkbook balance of $36.8 million that includes bond proceeds from an earlier sale. The presenter said the district sold about $9 million in bonds in November and plans to sell approximately the remaining $9 million later this year to fund a $19 million construction program across multiple campuses.
Officials also discussed the district’s outstanding state loan, which the presenter said is down to about $4.8 million. The DOWAB board has approved an extension request; the extension must still be approved by the State Board of Finance at its June 30 meeting to move the maturity from June 2028 to June 2030.
A motion to approve the consent agenda was moved, seconded and approved by voice vote. The board then moved, seconded and approved the monthly financial report by voice vote.
Why it matters: the bond proceeds and planned second bond sale are funding current construction projects and capital improvements across district schools; the state loan extension, if approved by the State Board of Finance, will extend the district’s repayment timetable.
Board action (procedural): the consent agenda and the financial report were approved by voice vote at the meeting; the roll call at the start of the meeting showed five members present and one absent.
