Board adopts Board of Finance items and hears fiscal report showing healthy balances and rising assessed value

The board convened a Board of Finance meeting and adopted required annual items, received an investment report and heard a fiscal condition presentation showing healthy balances and assessed value growth.

Dr. Taylor presented the required Board of Finance materials and an investment report. He said the district earned an interest rate of about 3.4% for 2024 and reported roughly $15 million in bank balances at year end. Taylor described investment constraints and noted earned interest is returned to the education and operations funds to support salaries and benefits.

The board adopted a resolution to establish the Board of Finance and adopted an investment resolution authorizing the assistant superintendent for HR, Business and Technology (or the designate named in the resolution) to make investments under board policy. Motions to adopt both resolutions passed by voice vote; the transcript records “the ayes have it.”

In the fiscal condition report, Taylor reviewed the Distressed Unit Appeals Board indicators, noting continued growth in Average Daily Membership (up about 100 students year-over-year) and healthy education/operations fund balances (about $9 million stated fund balance for 2023). He said operating cash balance as a percent of revenue was roughly 10% in 2023 and that assessed value rose a little over 10% for White River Township in the latest figures. Taylor presented charts showing long-term trends and debt-service context and noted the district remains in a strong fiscal position.

Board members asked questions and commented on assessed-value growth and the district’s balance sheet. Because the Board of Finance actions were routine statutory items, the board took voice votes and no roll-call tallies were recorded in the transcript.