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Silver Creek board hears midyear financial report showing $5.26 million education-fund cash balance
Summary
At its July 13 meeting the Silver Creek School Corporation received a second-quarter financial update showing an education-fund ending cash balance of $5,255,297.35 through June and identified near-term pressures from recent raises, a small enrollment dip and projected circuit-breaker and homestead losses.
Doctor Balmer presented the Silver Creek School Corporation’s second-quarter financial report on July 13, saying the education fund began 2026 with roughly $45.6 million, recorded about $13.2 million in revenue through June and had roughly $13.6 million in expenditures for an ending cash balance of $5,255,297.35.
Balmer told the board that the DLGF-approved appropriation was 49.7% spent through June, close to the midpoint of the fiscal year. He said the district anticipated the midyear decline of about $365,000, attributing it to contractual raises and an 18-student drop in spring enrollment. “When we implemented raises…we knew we were gonna use a little cash balance to support that,” Balmer said.
The report also covered the operation fund, where a $2 million bond reimbursement boosted cash balances. Balmer cautioned that the district faces ongoing headwinds, including an estimated $1.2 million circuit-breaker loss and an additional homestead reallocation loss of roughly $380,000. He said the district will spread some homestead reallocation to the Silver Creek debt service fund (not to the shared West Clark debt fund) to help stabilize the operation fund.
Balmer highlighted other fiscal items: the state board of accounts audit charge (about $63,000 deducted from property tax settlement), roughly $90,783.12 in interest earned on local funds through June and more than $5,000,000 in interest earned on bond investments that the board can use for future projects.
Looking ahead, Balmer outlined the budget development timeline: public notices and hearings are planned for late August with a public hearing on September 8 and proposed budget adoption scheduled for September 21. He urged the board to watch fall ADM counts and said staff will use parcel-level analysis tools to refine forecasts and consider transfers to the rainy-day fund.
The board asked no substantive follow-up during the presentation. The financial monthly report is available on the district website, Balmer said.
The district will continue work on capital projects and staffing planning as budget development proceeds this summer and into the fall.
