Community Room, 817 South Main Street, Tipton, IN 46072
Tuesday, January 11, 2022
- 6:45pm - 7:45pm
Tonight’s meeting is in two parts. This second part is a meeting of the Board of Finance that we are required to hold annually in January. We have three functions: 1) to elect a president and secretary, 2) to name a depository for corporation funds, and 3) to receive and review the investment report.
The Board of Finance must elect a president and secretary, president and secretary may be the same board members elected as president and secretary of the board of trustees. We will now open the floor for nominations for president and secretary of the board of finance.
First Farmers Bank and Trust is the depository for Corporation funds. We currently have checking, eFunds (textbook and school lunch), sweep account (savings).
It is recommended that the Board approve First Farmers Bank and Trust as the depository for corporation funds.
The investment report is made available to Board Members in the monthly Financial Report. This month’s report for December also is the report for the end of the year. The investment earnings for 2021 was $2,871. Tipton Community School Corporation maintains a Repurchase Agreement Account (charge card) through BMO Harris Bank.
It is recommended that the Board accepts the report as presented.
Attached are detailed projections of Revenue and Expenditures for 2022. Below is a summary of information.
Fund Revenue Expenditures
Education $10,398,887 $9,867,394
Operations $4,052,324 $4,036,879
Debt Service $2,944,250 $2,808,191
Total $17,495,461 $16,723,173
During the Board of Finance Meeting, the board must receive a written report on the financial condition of the school corporation. In reporting on the school corporation's financial conditions, the fiscal and qualitative indicators determined by the fiscal and qualitative indicator committee are used for the basis of this report. (IC 5-13-7-8)