Finance update: district earns strong S&P rating but sees a roughly $524,000 education‑fund shortfall

Chris, the district’s finance staff member, told the board that S&P returned a double‑A‑plus rating for long‑term debt and an A‑plus on existing debt, noting the district’s healthy cash reserves.

"They returned our credit rating today and issued, double a plus for long term debt and a plus on our existing," Chris said. He said the district has scheduled a bond sale for Nov. 4 with a closing currently targeted for Nov. 25.

At the same time, administration reported a shortfall in education‑fund deposits. On Sept. 8 the Indiana Department of Education estimated the district’s education fund at $26,735,202; the October deposit totaled $26,211,082, a difference of roughly $524,120. The administration cautioned that several funding components—basic tuition support (based on ADM), academic performance adjustments, career and technical education counts and non‑English speaking program adjustments—are subject to later recalculation and could affect final totals.

The board reviewed a district‑prepared breakdown of the education fund covering Aug. 1, 2024, to July 31, 2025. The chart shows approximately 70% of education‑fund dollars go to teacher salaries and benefits, 15% to support‑staff salaries and benefits, 6% to building administration, 6% to curriculum supplies and software, 3% to purchased services and professional development, and other smaller expenses totaling about $69,455.

Chris also reported that a recent fire marshal visit required inspection of overhead drawers at the high school; the inspection cost was $3,600, and minor repairs and potential replacement of one of four doors may be needed. Administration said it will continue to monitor ADM and revenue projections and report back to the board if adjustments are required.