Meeting Details
January 9, 2024
6:45pm - 7:45pm
1 hr
Community Room, 817 South Main Street, Tipton, IN 46072
Purpose
N/A
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 to nominate Jennifer Humrichous as President was made by Mr. Cochrane. Seconded by Mrs. Rodibaugh. Motion carried.
Motion to nominate Andrea Campbell as Secretary was made by Mrs. Rodibaugh. Seconded by Mr. Cochrane. Motion carried.
Result: Approved
| Voter | Yes | No | Abstaining |
|---|---|---|---|
| Jennifer Humrichous, Board President | X | ||
| Amber Rodibaugh, Board Vice-President | X | ||
| Andrea Campbell, Board Secretary | X | ||
| Robert Cochrane, Board Member | X | ||
| Susan Sloan, Board Member | |||
| Jason Springer, Board Member | |||
| Eric Underwood, Board Member | X |
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
Result: Approved
Motioned: Andrea Campbell, Board Secretary
Seconded: Eric Underwood, Board Member
| Voter | Yes | No | Abstaining |
|---|---|---|---|
| Jennifer Humrichous, Board President | X | ||
| Amber Rodibaugh, Board Vice-President | X | ||
| Andrea Campbell, Board Secretary | X | ||
| Robert Cochrane, Board Member | X | ||
| Susan Sloan, Board Member | |||
| Jason Springer, Board Member | |||
| Eric Underwood, Board Member | X |
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 2023 were $409,070.24. 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.
Minutes
Result: Approved
Motioned: Andrea Campbell, Board Secretary
Seconded: Amber Rodibaugh, Board Vice-President
| Voter | Yes | No | Abstaining |
|---|---|---|---|
| Jennifer Humrichous, Board President | X | ||
| Amber Rodibaugh, Board Vice-President | X | ||
| Andrea Campbell, Board Secretary | X | ||
| Robert Cochrane, Board Member | X | ||
| Susan Sloan, Board Member | |||
| Jason Springer, Board Member | |||
| Eric Underwood, Board Member | X |
5.
2024 Expenditure and Revenue Projections
Attached are detailed projections of Revenue and Expenditures for 2024 as set out in our 1782 Notice from the DLGF (2023 actual ending balances vary). Our Final 1782 Notice is attached.
Approved 2024 Tax Rates:
Debt Service: .4177
Operational Fund: .4916
Total Levy: .9093
Total Levy History:
- 2023-.8806
- 2022-.9673
- 2021-.9312
- 2020-.9402
6.
Written report on the financial condition of TCSC
