Clinton Prairie School Corporation Finance Meeting Insights
Discover key discussions from the Clinton Prairie School Corporation Board of Finance meeting, including details on board responsibilities, fund management, investment policies, outstanding checks, district statistics, and more.
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Presentation Transcript
CLINTON PRAIRIE SCHOOL CORPORATION BOARD OF FINANCE MEETING January 14, 2025 Immediately Following the Regular Session
The Board of Finance Defined Per state law, the Board of Education establishes a Board of Finance. The Board of Finance is responsible for designating public depositories for school funds for two years and reviewing annual investment reports. The members of the Board of Finance consist of the Board of Education. The President of the Board of Finance is the President of the Board of Education, and the Secretary of the Board of Finance is the Secretary of the Board of Education. Elected officers will serve until their successors are elected and qualified. Informational Informational
Depositories for Corporation Funds The Farmers Bank currently serves as the depository for the corporation s funds. Recommend Approval
Investment of Public Funds Investment of Public Funds Policy grants the corporation s treasurer the authority to invest funds to maximize the benefit to the corporation. All investments are made in compliance with Indiana law. At present, the corporation does not have any funds invested. Informational
Removal of Outstanding Checks Outstanding checks over two years old are typically voided to remove them from the financial records. Vendors can submit a new claim voucher if the funds are still owed. Four Checks Listed in Agenda Recommend Approval
Districts Average Daily Membership (ADM) 1300 1256 1250 1229 1214 1208 1199 1190 1200 1188 1181 1181 1173 1170 1160 1155 1150 1131 1120 1107 1100 1050 1000 15-16 16-17 17-18 18-19 Fall 19-20 20-21 22-23 23-24 Spring
Percentage of Free/Reduced Lunches r 70 58 60 50 45 44.5 42.6 41.9 41.5 41.5 40.2 39.7 40 30 20 10 0 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 School Year
Percentage of Special Education Students r 16 15.6 15.5 15.1 15 14.8 14.5 14.5 14.3 13.9 14 13.7 13.5 13.4 13.5 13 12.5 12 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 School Year
Percentage of English Language Learners 3 2.6 2.5 2.1 2 2 2 1.8 1.7 1.6 1.4 1.5 1.3 1 0.5 0 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 School Year
Assessed Valuation 600,000,000 $542,209,471 $490,379,990 500,000,000 $450,444,665 $384,204,191 $382,116,821 400,000,000 $372,081,359 300,000,000 200,000,000 100,000,000 0 2020 2021 2022 2023 2024 2025 Assessed Value
General Fund and Education Fund Balances $3,000,000.00 $2,477,593.21 $2,500,000.00 $2,366,334.81 $2,165,830.57 $1,980,257.82 $2,038,425.94 $1,903,478.42 $2,000,000.00 $1,500,000.00 $1,236,170.88 $1,000,000.00 $836,696.92 $826,819.13 $475,045.75 $500,000.00 $0.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Fiscal Year
Fund Balances of Expenditures 40.00% 35% 35.00% 31.20% 30.90% 30.40% 30.00% 26.90% 25.00% 22.90% 20.00% 17.20% 15.00% 12.70% 11.90% 10.00% 7.30% 5.00% 0.00% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Fund Balance This indicator considers the ability of the school corporation to maintain operations in the event of delays in revenue by utilizing existing fund balances to fund operations. The funds include balances in the Education Fund and General Fund.
Information Sources The information included in the School Financial Condition Report was sourced from the Distressed Unit Appeal Board (DUAB) website. https://www.in.gov/duab/school-corporation-fiscal-indicators/dashboard/ To access the details for Clinton Prairie School Corporation, please navigate to the Fiscal Indicators Dashboard. Once there, select Clinton Prairie School Corporation from the school corporation dropdown menu to view the relevant information.
Consideration of Conflict of Interest Disclosure Indiana law mandates that public servants disclose a conflict of interest statement if they have a financial interest in a contract or purchase that would increase their income or net worth, or that of their dependent. These conflict of interest statements will be uploaded to the Gateway online system, managed by the State Board of Accounts. Recommend Approval
