Meeting Details
January 10, 2023
6:30pm - 7:30pm
1 hr
Community Room, 817 South Main Street, Tipton, IN 46072
Purpose
Meeting Agenda
1.
Board of Finance
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.
2.
Election of Officers
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.
Minutes
Motion was made by Mr. Cochrane to elect Jennifer Humrichous as President of the Board of Finance. Seconded by Mrs. Campbell. Motion carried unanimously.
Motion was made by Mrs. Sloan to elect Andrea Campbell as Secretary of the Board of Finance. Seconded by Mr. Cochrane. Motion carried unanimously.
3.
Designation of Depositories
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.
Minutes
Motion to approve the recommendation to stay with First Farmers Bank and Trust as depository was made by Mr. Cochrane. Seconded by Mrs. Sloan. Motion was approved. Mrs. Rodibaugh abstained.
Brook reviewed the agreement with FFBT.
4.
Review of Investments
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 2022 was $154,110.97. 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.
5.
2023 Expenditure and Revenue Projections
Attached are detailed projections of Revenue and Expenditures for 2023 as set out in our 1782 Notice from the DLGF (2022 actual ending balances vary). Below is a summary of information.
2023 Estimated 2022 Ending 2023 Estimated
Revenue Cash Balances Expenses
Education $ 10,865,208.00 $524,401.00 $10,812,132.00
Operations $ 3,839,619.00 $1,228,735.00 $5,050,658.00
Debt Service $ 2,933,998.00 $1,067,341.00 $3,854,332.00
Totals: $ 17,638,825.00 $2,820,477.00 $19,717,122.00
Total Estimated Revenue Plus Expected Cash Balance: $20,459,302.00
Total Estimated Expenses: $19,717,122.00
6.
Written report on the financial condition of TCSC
7.
Adjournment
Minutes
Board of Finance meeting was adjourned. The regular meeting was reconvened.
