001okay good evening everybody and uh welcome to this special session we'll start this evening with a special session board of finance meeting with a start time of 4 33. we can begin with oh i got hold on i got bumped off give me one second okay we'll begin with the election of officers miss dolly each year in january the corporation is required to hold a single board finance meeting to allow officers review the investment policy statement and receivers go to school corporations from the prior year cash practice has been named the current officers of the board of school trustees to the same position for the board of finance those officers as elected at the annual board organization meeting are as follows president david vice president scott angel secretary thomas hoffman the administration would recommend the
002same officers for the board of finance that serve in those positions currently with the board of school trustees thank you ms dowling for the recommendation to approve the same officers for board of finance to serve in those positions currently with the school board we have a motion to approve so move second move by mr angel on second by mr hoffman i'm sorry mr babjack close right close uh any questions or comments from ms dowling all those in favor signify by saying aye aye opposed emotion carries 4-0 and three information items this evening we have 3.01 the board of finance meeting report of investments ms dowling thank you mr president for 2020 our total interest earnings were 235 000 150 4333 as you'll know from the picture in the board recommendation this is significantly lower than
003what we received in 2019 and that would be attributable mostly to to make factors our global pandemic and our interest rates completely bottomed out which we saw here because last year we were over i think 900 000 in interest the second part of that is as you recall we spent a significant portion of the rating game done towards the winfield elementary school renovations to offset the total cost so that obviously threw down some of what we have invested at this point we're keeping our investments where they are and just monitoring what's happening in the environment the stability is what we're looking for most at this point given the environment right it's just information items but does anybody have any questions before we move on to the next item on the agenda brian you can stay
004here here okay correct yes i come here okay thank you miss dining 3.02 is the crown point city school corporation overall investment policy back to ms dowling thank you mr president board policy 6144 is our investment income policy there is no change to the policy from the previous year if you'd like i can read it this morning we have the record promises are the documents thank you and we can move with 3.03 is the report of the crown point city school corporation financial conditioning condition using fiscal and qualitative indicators [Music] created mr indicators for school corporations this will be our second year reporting on that at the annual board of finance meeting which is required by law they've changed some of the indicators in line with our change in funds as you remember we used
005to have a general fund a bus replacement fund capital projects now we have a education fund and operations fund so we don't have all those operational funds that we have in the past so i'm just going to review those quickly as is required indicator one coverage lean membership that was full stereo that's weird um we did see a slight decrease in our population we would attribute that to 19 and it was common in many small corporations in the area we're not concerned about it we have a secondary account coming and we're monitoring that but we don't think it will continue along that line [Music] the variation in our fun types is related to the reorganization of funds so when you look at the actual fiscal indicators report you'll notice that the funds from last year
006look different than this year and that's why due to the reorganization the indicator annual deficit surplus our revenues exceed our expenditures the grain line in the report shows a modest increase in fund balance which means we did not use our existing fund balances to fund expenditures which is positive fund balance is a percentage of expenditures we have sufficient fund balances to maintain operations in the event of delays and revenue you know like a global pandemic and the reduction in our overall percentage is related to our usage of the rainy day fund for winfield elementary as well as to offset our circuit breaker losses uh revenue by type all of our revenue sources are increasing to some degree none are decreasing so those are all positive and then our operating referendum revenue is a percent of
007total revenue operating referendum represents about six percent of our total revenue and this is very comparable to last year's report given the fact that our assessed value has gone up that's caused our operating referendum number to go up and state tuition support has increased which means the other cuts have increased as well so in summary based on the fiscal indicators our school corporation is in solid financial condition based on these factors and the administration would recommend the acceptance of the written report on the financial condition of the school corporation based on the fiscal and qualitative indicators thank you miss donkey for the recommendation to approve and accept written report i'll repeat what she just mentioned on the financial condition of the school corporation based on the fiscal and qualitative indicators we have a motion to
008improve the recommendation so move second that moved by mr babjack the second by mr angel any questions or comments from miss dowling katie on the state's figures that assessed value and population includes all three winfield city and cedar lake yes according to the state yes it does thank you any other questions for ms dowling all those in favor signify by saying aye aye opposed that motion carries 4-0 and uh we have a motion for a german in the special session still moved second move by mr angel sacked by mr babjack always a favor signify by saying aye aye aye opposed oh it's carrie it's 4-0 um and dr terrell do we need to take five minutes before rolling into the next portion of our meeting it's up to you or we