001Good evening. We'd like I would like to call the Carsville School Corporation Board of Finance annual meeting to order. Show that all members are present, including Susan Alrech. First item of business is nominations for officers for the board of finance for 2026. Are there any nominations? I move we uh keep the same officers that we have currently. >> Second. >> Who is the secretary of the board of finance? >> That's what I was Susan. >> I think it is Susan. I think you're secretary for both. Correct Susan for both finance and regular board. >> I think that is correct. That's why I would say for Kent for president and Susan for secretary. >> Any other nominations? I move to close nominations. >> Nominations are closed. All those in favor of the nominated slate say I.
002>> I. >> Any opposed. >> All right. The next item is report of the board of finance investment. >> Yes. Uh this report shows all of the bank accounts that we hold. Currently, we have accounts at um HHSB, Tri County, and Trust Indiana for the 25 calendar year. Uh HHSB holds our main checking account, our payroll account, and a savings money market that we have there for liquidity. Um both the main checking and the savings account earn interest throughout the year. Tri County holds the accounts for our textbook funds and another savings money market account for interest earning purposes. Uh that account we do have another account held at Tri County or not Tri County Trust Indiana that is for our debt collections through the Trex program and we have not yet withdrawn any of
003those funds since its opening due to it earning and acrewing a daily interest rate. [clears throat] The total interest earned during the 25 calendar year was $168,186.7. This is down slightly from last year, but we are still greatly increased from the last five years that we've had these accounts. Uh total fees paid did decrease to $660. And that includes a positive pay monthly fee and a remote deposit fee that we have every month so that we can deposit check deposits in the office here instead of having to take those to the branch. That is the investment report that we have. >> All right. Is there a motion to acknowledge receipt of the investment report? >> So moved. >> Second. >> All those in favor? Hi. >> Hi. >> All right. Item three, the report on
004the financial condition of the corporation. >> Yes. So, this report, we're going to start with the do have fiscal indicators report that you guys see every year. Uh this is the distress units appeals board. Uh fiscal indicators for the end of the 2024 calendar year. They always run a year behind on their reporting. Um, this includes tables for average daily membership, demographics, fund balances, annual deficit and surplus, uh, revenue by type, as well as an operating referendum revenue, which we do not have a chart for. Um, the one that we want to highlight for you is the fund balance as a percentage of expenditure chart. Uh, this chart reflects the performance of our three key funds, the education, the operations, and the rainy day fund. between 2021 and then up to 2024. Uh we did
005see a gradual decline in this percentage uh from 2020 into 2023. Um that's just due to staff raises that we've had each year, rising utility costs, and then increasing operational expenses. Um, we are pleased to report that we do have positive development from our year-end percentage from 24 over 23 and then into 25 we had another increase. Um, that increase from 24 to 25 is we're up to 15.54%. Um, this is the second consecutive increase we've had. So, that's really good. Plus, this is the largest increase that we've seen over the last decade from year one year to the next. Um, this does also show that our corporation has increased balances within all three of these funds over the last 12 months. The second report that you have is just a one page from Baker
006Tilly, our financial consultant, that goes through basically the same, gives a red light, green light, yellow light just to give us some indication of if there's concern. U most of those items are green. the fund balances was yellow just because it is still a slightly lower percentage in the 24 calendar year but we do see that hopefully getting better with the 15.5 that we projected for 25. That is your report on financial condition. >> All right. May [clears throat] we please have a motion to acknowledge receipt of the 2025 report of financial condition. >> So moved. >> Second. >> All those in favor? I >> All right. And the fourth item is proposal for request for approval of investment changes for the 2026 calendar year. >> Yes. Um so one item of note, we do
007have our budget um completed now. We had our 1782 that received and we did finalize that um this morning with our DLGF rep. um pleased to report that that does closely align with the expectations that we had already set up in doing our budget process back in September to November. Um we do thank the strong work of the administration here. Uh we've been able to reduce the overall tax rate for our constituents for this 26 calendar budget. Um then the debt service fund we did lower that rate to a um cents. That's a decrease of 0144 from 25. The referendum fund that we have um is now going to sit at 3123 which is.162 cents less. And then the operations rate will now go to 0.584 which is down 072 from the prior year. So
008our overall tax rate did decrease 426 to 1.5626. Um and that is a decrease of.2496 cents. So 24.96 cents overall for our uh property taxpayers. what accounts for the reduction >> um so that is accounted for the change there is because of the increase in the AV value that we had um our AV increased 16% from 25 to 26 yes so that is why that's why most of these rates have dropped as well our operations rate dropped due to that increase in AV value. So now our investment changes for 26 that we have. Uh we did complete interest rate shopping at both local banks with HHSB and Tri County. Um the rates were competitive with each other. Who's your Heartland came in with a 3.45% um lock in for 90 days and then that rate
009changes to the variable market rate after that. Tri County did a 3.91% locked rate for 120 days and then it will drop to the variable rate which is currently sitting at 3.75. So with that the proposal for our money market accounts would be that we retain Tri County as our primary money market bank and that we um recommend that the board approve the base values of leaving 1.2 2 million in the who's your heartland state bank account and then having a base value of 4.8 million in the tri county account. >> Enter on your report it says investment changes for 2025. Should that reflect 26? >> That should reflect 26. Yes. >> Thank you. >> All right. Thank you, Mr. Nic Nicodemus. Is there a motion to approve the proposed investment changes for 2026? >>
010So moved. >> All those in favor? >> I will abstain from the vote. [snorts] >> Record show. >> Please let the record show that Mr. Mclofflin has abstained and the vote the motion carries. Any other business for the board of finance? >> Yes, we have one final resolution. This is our um interest receiving resolution that we have every year. Um we recommend that the board of finance approve this resolution for a 13.6% of this interest income to go into the school lunch fund. Uh 5% into the education fund and 81.4% into the operations fund. >> Any questions on the proposed resolution? Is that a similar breakdown to previous? >> It is very similar. We did um drop the education percentage from 10 to five just because of the need for the revenue in the operations
011fund. >> Is there a motion to approve the proposed resolution? >> I move approval. >> Second. >> All those in favor? >> I. Then that concludes the board of finance business. Is there a motion to adjurnn the board of finance? >> [laughter]