School Town of Speedway trustees approve retroactive fund transfer and publish 2027 capital assets plan

The School Town of Speedway Board of Trustees on July 14 approved a retroactive transfer between the debt service and operations funds and authorized publication of the district's 2027 capital assets plan.

President Gonzales called the meeting to order and the board approved a resolution allowing the district to spread the impact of recent property tax cuts across both debt service and operations, a move staff described as necessary after state tax adjustments. An administrator told the board the transfer was handled retroactively for June and the motion to approve the 2026 transfers passed 4 to 0.

District staff also presented the assumptions that will guide preparation of the 2027 budget. The presentation said the education fund is expected to remain balanced and will continue to pay for textbook purchases previously covered by families; staff flagged a likely increase in health-insurance premiums and a small, manageable deficit in the operations fund tied to enrollment and state Act 1 parameters. The presenter said referendum fund rates are expected to remain stable and the district will submit the budgetary recommendation to the town council on Aug. 11.

On the capital side, administrators summarized recent projects (new pool equipment, boiler replacements, parking-lot milling and sealing, gym floor work) and listed planned work for 2027, including HVAC renovations at Allison Elementary, ADA entry improvements at the high school and auditorium repairs. State law requires publication of planned capital purchases over $10,000; the board moved to authorize publication of the 2027 capital assets plan and the motion passed 4 to 0.

The board closed the agenda items by noting staff will bring a full budget report and formal recommendations to the August meeting scheduled with the town council.