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Board hears four-year finance projections and discusses referendum timing; schedules a workshop
Summary
CFO and consultants presented four-year projections showing pressure on the operations fund; trustees discussed potential timing for a referendum and requested a finance workshop to explore options and impacts.
The School City of East Chicago Board of Trustees received a finance update and four-year cash-flow projections from the finance office and consultant Sender & Dalton, which showed strain on the operations fund under current assumptions.
CFO Ms. Simmons introduced a finance calendar that will return to the board for approval in August. Consultant Trista Hudson explained the packet of cash-flow projections covering the education and operations funds for fiscal years 2026–2029, noting bank reconciliations are not yet finalized and July–December figures are estimates. The presentation emphasized that property tax circuit-breaker effects from SEA 1 continue to pressure the operations fund and that projected salaries and expenditures will require difficult decisions to balance budgets across the four-year horizon.
Trustees asked whether a local referendum might be needed and discussed statutory timing. Hudson said referendums can be for operations or capital and cautioned campaigns usually require planning; Attorney Harris and others noted statutory limits on when a referendum may be placed on the ballot and that consultant-led campaigns typically need time for public education. Trustees urged the finance committee and staff to prepare “best day/worst day” analyses and to model referendum scenarios.
Several trustees requested a public finance workshop so stakeholders can review line items and better understand assumptions. The board agreed to schedule the workshop after the consultant’s return from vacation; the finance committee will coordinate dates. The superintendent and consultant agreed to update projections after an S&P rating call and to return refined materials for the board to review.
Next steps: the finance calendar will return in August for approval; trustees directed staff to coordinate a finance workshop and present referendum scenario modeling.
