Thank you so much. Lauren, we're excited to have you, too. Uh, Mr. Butler, can we get a picture with Jay and myself? Okay. I know that she can't wait. So, Thank you, Mr. Peters. As Mr. Trout gets back here, we will move on to G1, April 2025 financial reports. Thank you, Mr. Allen. So, we will have the April financials up here in just a moment. Um, one of the first things that uh I'll point your attention to in the education fund, as I mentioned at the last board meeting, uh, this is the time where they start using our February count versus our October count, uh, to adjust our state basic grant. So, you'll see a little bit of a decline in what we received in the state basic grant um, from March to April and that actually is an adjustment all the way back to the beginning of January.
Um, so that number should now stay fluid until uh we receive the October count and then they'll make those adjustments in the fall as well. Um, and if you look at the the graphs, just a reminder that um, you know, we're close to 96 uh% of the budget from the education fund going towards teachers and staff as it relates to salaries and benefits. Um, and that's where we want that money to go to help educate our children in the best way possible. Um the revenue that we have received uh for the number of days of the year so far is at 32.88%. Um and the actual dollars that we've received is at 32.92% and we've expended just under that amount, excuse me, at 31.44%. So we are staying well within the budget in the education fund. Uh you will notice um in the expenditures from the education fund an education fund to operations fund transfer as we do not start receiving any of our uh education I'm sorry our operations funding until tax revenues come in in uh May and or June.
And so we have to supplement the ed operations fund at times uh with some funding from the education fund to offset those uh delays in funding from our property taxes. So you will see that 3.175 million was transferred from the uh education fund to the operations fund until those property taxes uh start to roll in to cover those expenses. If we move to the debt service fund, again, this is a fund that we don't receive any uh funding for until property taxes are uh due in June. Uh so nothing is set up to be expended out out of that account until June as well. So uh you see very little activity in the debt service fund, the operations fund. Uh to address a question that Mr. Wall asked last time, if you look at the interest uh miscellaneous there, it uh the budget order was for $637,500.
Um and we've already uh received more than $94,000 over the budget order. Um I shared with Mr. wall. Uh at his request that uh the reason for that was that the interest rate that we are now receiving on our balance um at the credit union uh increased and we had to write the budget before that increase came in for uh our interest and therefore we're actually earning more money on our uh dollars in the bank than we had projected based on the previous interest rate. So, that's a good thing um that we're doing well there. Uh you'll see there in the budget month actual the miscellaneous transfers. That's that 3.175 from the education fund to help sustain the operations fund until tax revenues start to come in. Um and again, um we've only received about 20% of the revenue and we've expended uh about 28%.
Um, and that's why we're needing to make that transfer until taxes uh are applied to that account and we receive those funds. The last uh fund is the rainy day fund. And if you remember at the last meeting, we talked a little bit about um because there was no budget for the rainy day account for 2025, it was in the 2024 budget. Um some of those numbers looked a little a skew. Um and that has uh been finalized now with everything out of the rainy day fund uh for that project and uh we are moving forward with that and you can see the revised fund balance of almost $4 million in rainy day. If you look at the historical comparisons, uh you will notice that at the end of March, um when we talked last month, um we were just over $17 million. And now that balance in the operate or the education fund is just under 15 million.
Again, that goes back to the transfer of the 3.175 that you can see there uh that we did in April. And if you look at the operations fund historical comparison, um you can see that with that transfer, we're at about $2.5 million. That will sustain us and uh make payments on any current projects that we have as necessary until June tax revenues come in. So those are the financials.
If anyone has any questions, I will entertain those at this time. Thank you, Mr. Mclofflin. Is there any questions? Actually, I'll entertain a motion first uh to uh about this reports. Make a motion that we approve the April 2025 financial report as presented. Thank you, Mr. Wall. Is there a second? Thank you, Mr. Mlullen. not so much a question, but uh in talking with other governmental entities uh related to some of the outcomes of the legislative session, there's been a long conversation about maybe starting to suck so a little bit more away for rainy day. Um just passing that along. I have not heard from school corporations what they're planning on on, but I do know that some other some other governmental entities in Huntington have been having that conversation because No one's quite sure what's going to shake out from some of the legislation coming out.
So, I would just pass that along to the financial Yeah, I I've been uh in conversation also, um just so you know, I'm anticipating uh a meeting sometime this summer with all the governmental agencies getting together. quite frankly um the rest of the governmental agencies has the wherewithal and the means of raising the funds that that they're going to lose and we do not as a school district. So, um I appreciate the willingness especi specifically of Mayor Strick um for spearheading this to have happen. Um I don't think what our community understands is that the revenues lost will will basically be made up means for all of their governmental agencies. However, we do not have that availability uh to us. And so, um when I'm when I'm working with Mrs. Smith on budget prep coming up here literally next month, we're going to start this process.
Uh down the road, I can paint a much clearer picture for you at that point in time. Um, I do believe that there is tremendous amount of unintended consequences from this past legislative session financially. Um, I have learned I I don't hold me to this. I would for the first time since I can remember, I wouldn't be surprised if the budget may be opened during the short session in January. Now, don't hold me to that, but in some couple of my conversations I'm having, I am hearing that that's a a very real possibility at this point in time. Um, we are positioned quite well. Quite frankly, we you all have done an enormous job of planning for this day and the day is probably here um for us. Um, I'm not going to paint a doom and gloom picture with this. As you'll notice that we're not um making any plans like many school districts around us.
who have been cutting staff, cutting programming, cutting this. Um I'm not convinced yet that um we can't try to weather this storm creatively through the process. Um and so I would just say stay tuned. Um hang in there with us. Um when Mrs. Smith and I go through the budget for 26 with you. Um, I'm sure there's going to be a laundry list of questions from all of you about how to and moving in the future, but hang in there. We'll get this figured out. That's why I'm I know I don't know if you caught it, but in the professional leave, uh, I'm going down to like my yearly trip down to Indianapolis for the SBA IPSS financial seminar. I really am intrigued what's going to come out of that this year. Um, unfortunately Dr. Dbor will not be speaking. If you've ever had the pleasure of hearing Dr.
Dor speak on financials be a really great year to hear him, but it's going to be interesting uh to hear about that and I'll definitely report back. Uh, I don't think I think it'll be right after our June meeting, but I will report back from that and let you guys know what I hear. So, thank you Mr. Wall and Mr. Trout. Anyone else say anything further on the financials? Let's vote. Also, thank you, Mr. Moffin, for answering my question from last meeting in the email. I did share that with us to the board, but thank you for bringing it up for everyone else to hear. Motion passes 70. Moving on to G2, property and casualty insurance. Mr. Mclofflin. Thank you, Mr. Allen. Uh, one of the first things that I was tasked with when I moved into this role, Mr. Trout approached me and said that we needed to do an RFP process for our property and casualty insurance, I believe, at the request of the school board.
And so, we have been working on that process. And what I have before you this evening is uh an engagement letter for insurance consulting services to help us through that process. And you have that document uh in board docs as well. And there are seven uh eight steps that they recommend through this process. Um, and if approved tonight, I have uh the assurance of uh the company that they will be able to get this done uh working backward from our renewal date of December 1st uh and meet all the deadlines for uh a competitive bid process. So, uh the first thing that they'll do is establish the specs for the bid so that everyone is bidding apples to apples. Uh the second portion of that then is the bid process itself and what that will entail. Um the third part of that is uh assigning the markets to the biders.
Uh fourth will be the agent of record letters that they will provide to those companies that are requesting to bid so that when they reach out to vendors of property and casualty insurance uh they have the right to do that on our behalf.
The fifth step is to answer any questions from biders after the specs and the uh agent of record letters go out. They will then put all of their recommendations uh or all of the bids in a spreadsheet with their recommendation based on what we are seeking for our property and casualty insurance. Uh they will double check uh with the successful bidder that all of the uh outlined items are actually in uh the final document and uh do that not only virtually but with the hard copy that is submitted so that we are getting the coverages outlined in the bid specs. So with your uh approval, we will move forward with that agreement with uh insurance audit out of Indianapolis. Uh they have done work for the district before and they have also done work uh for Huntington County for similar uh purposes for different entities here in the county.
Uh and I would recommend that we approve to move forward. Thank you, Mr. Mclofflin. I'll entertain a motion reference this item. Make a motion that we approve the consulting agreement uh for the RFP. Thank you, Mr. Wall. Is there a second? Second. Thank you, Mrs. Heim.
Any questions or discussion? I do have one question. This sounds like quite a process. How long does it take to get them through their deal? So, they didn't give me specifics, but they they did say working from that December 1st uh renewal date of our current uh property and casualty insurance that we would be able to work back from that and start that process. So, so we'll be ready by then. We will certainly be ready by then. Yeah. Will they also be brokering that out to different entities? I'm assuming we'll want Metler to apply, but I also know that there's the insurance property and casualty insurance trust out there as well. Will we be trying to solicit bids from them or how will that work? Yeah, so uh there have been a handful of vendors that have either reached out to myself or Mr. Trout uh over the past few months and I think the other benefit of working with a group like uh the insurance audit group um they have those avenues where they can get those things out and notice to other companies to bid.
Thank you very much for taking on this herculeanette task. So absolutely thank you Mr. Wall says to me and Mr. Mclofflin thank you Mr. Mclofflin for being politically correct here. Thank you. Um any further discussion? Let's vote on this motion. I do want to take this opportunity while All of you are voting to say thank you to Mr. Mclofflin. As you can see, he uh since his start with us in January, he's doing incredible work and I'm asking a lot of him and he's doing it quite well with a with a willing and gracious heart, I might add. And so, but Pat, thank you in all seriousness. You're doing an incredible job. Thank you. Motion passes 70. Moving on to policies H1 policy updates volume 36 number one. Okay. This is for this evening. This is the second reading. I am uh asking for your approval of all the policy updates volume 36 number one.
And as you can tell, there are quite a few there that we have been through over the last couple of months. So, I'm seeking your approval. Thank you, Mr. Trout. I'll entertain a motion uh reference this request. Motion to approve policies policy updates volume 36 number one is presented. Thank you, Mr. Meltchure. Anybody want to second? Thank you, M. Mrs. Miller.
Any questions or discussion before we vote? This is our second reading, so hopefully you all had a chance to look at it. I'm just asking when are you going to get all the ones from the last legislative update start to roll in. Um when you Well, when um Sorry, Cindy. No, I was I was going to jump in. This is a great time. I was going to say this after the next one. Um as of the next two agenda items, we are completely caught up. Um, now we have another um group that just came in that's quite lengthy, but um we are up to we are up to where we should be at this point in time. And I must give credit where credit is truly due with this um without the help of Mrs. Gray. Um we wouldn't be sitting here where we're at today.
She's been incredible through this entire process. So, and I appreciate all of you. you have been doing a lot of reading on a lot of board policies over the past year and I'm grateful for all of you and how you've taken it seriously. Um the work with our attorneys has been incredible uh through all of this also. So I just want to tell everybody thank you for your efforts. Thank you Mr. Trout, Mr. Wall. Anything further from anyone? Let's vote on this motion. Motion passes on six in favor. One one no. Moving on to item H2, policy updates. Volume 36 number two and volume 37 number one. First reading. Yes. Um these are first readings um over the next month uh prior to the second reading.