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Board authorizes transfer authority between debt service and operations under Indiana change
Summary
The board approved Resolution 126 (2026) authorizing up to $528,581.51 to transfer from debt service to operations during 2026, citing a total supplemental homestead credit of $806,219.27 and a statutory change allowing increased flexibility; the actual transfer will depend on year-end debt service cash balances.
The School Town of Highland board approved Resolution 126 (2026) to authorize transfers between debt service and operations funds for the 2026 calendar year.
Administration explained the action stems from a statutory change (referenced in the meeting as "house and rollback 12 10" and Indiana code language) that allows school corporations to distribute the financial impact of the supplemental homestead credit across non‑exempt property-tax-supported funds rather than limiting the reduction to operations funds alone. Administration said the total homestead credit is $806,219.27 and the resolution authorizes the School Town of Highland to transfer up to $528,581.51 from debt service to the operations fund; staff emphasized that the $528,581.51 figure is the maximum permitted and an actual transfer depends on the debt service fund cash balance at year end.
A board member moved to approve the resolution and the motion passed by voice vote.
