TCSC Special Session

The 2019 Budget, the CPF Plan for 2019-2021, and the Bus Replacement Plan for 2019-2023 were presented to the Board last month where permission to advertise these items was given. The Budget has been advertised through DLGF and the CPF Plan and the Bus Replacement Plan have been advertised on our website along with the announcement of a Public Hearing to be held to receive public comments and input. A  Public Hearing was held on October 9, 2018, with no comments being received from the public.  Having completed those legal requirements, the 2019 Budget, the CPF Plan for 2019-2021 and the Bus Replacement Plan for 2019-2023 are now presented for Board approval.  It is recommended that the Board approve the Budget for 2019 as presented.

The Budget Goals for 2019 were presented to the Board last month and can be found on page 7 of the Budget Overview.  It is recommended that the Board approve the Budget Goals for 2019.

It is recommended that the Board approve the Capital Projects Plan (CPF) for 2019-2021.

It is recommended that the Board approve the Bus Replacement Plan for 2019-2023.

An earlier resolution passed by the board in September established the Education Fund.  This resolution authorizes the Treasurer of Tipton Community School Corporation to transfer the December 31, 2018, general fund balance to the Education Fund, effective, January 1, 2019.

That same resolution passed in September established the Operation  Fund.  This resolution  authorizes the Treasurer of Tipton Community School Corporation to transfer the December 31, 2018 fund balances of the capital projects fund, the transportation operating fund and the bus replacement fund to the Operations Fund, effective, January 1, 2019

This resolution authorizes the Treasurer of Tipton Community School Corporation to transfer the amount of $157,350 each month from the Education Fund to the Operations Fund, to reimburse the Operations Fund for expenses that are not allocated to student instruction and learning under IC 20-42.5 for the period of one year (January 2019 through December 2019).  It is recommended that the Board approve the Resolution to make monthly transfers from the Education Fund to the Operation Fund.

HEA 1009 authorizes a one-time transfer of funds from the cash balance of the Education Fund to the cash balance of the Operations Fund an amount no greater than the calculated percentage of the Education Fund cash balance that is attributable to expenditures formerly made from the General Fund but now transferred to the Operations Fund.  It is estimated that the January 1, 2019 cash balance of the Education Fund is estimated to be $ 1,888,184, and the calculated percentage of expenditures formerly paid from the General Fund but transferred to the Operations Fund is 17% which calculates to $ 320,000.  This resolution authorizes the Treasurer of Tipton Community School Corporation to transfer the amount of $320,000 from the cash balance of the Education Fund to the cash balance of the Operations Fund.  This transfer shall be executed no earlier than January 15, 2019, and no later than February 1, 2019.

The Corporation’s budget appropriation and revenues must balance, and it is possible that not all of the 2018 Budget appropriations may be expended.  This Resolution would authorize the Superintendent to reduce appropriations from the 2018 Budget in any or all funds as necessary to help achieve a balanced budget for 2019.  If this balance cannot be fully achieved by reducing the 2018 appropriations, then the Superintendent is further authorized to reduce the proposed 2019 appropriations in any or all funds as appropriate and necessary to achieve a balanced 2018 budget. It is recommended that the Board approve the Resolution to Authorize Reductions.