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.

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 (school lunch, tech repair/replacement fees, etc.), 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 2024 were $573,620.20.  Tipton Community School Corporation maintains a Repurchase Agreement Account (charge card) through BMO Harris Bank.  

Attached are detailed projections of Revenue and Expenditures for 2025 as set out in our 1782 Notice from the DLGF.  Our Final 1782 Notice is attached.

Approved 2025 Tax Rates:  

• Debt Service: .3999
• Operational Fund:  .4541
• Total Levy: .8540

Estimated Revenue

• Education Fund $11,700,500
• Debt Service-$3,772,302
• Operation Fund-$4,428,576

2024 Expenditures and % of Appropriation Spent

• Education Fund - $11,262,211.83: 98.6%
• Debt Service - $3,181,222.25: 99.8%
• Operation Fund - $4,690,441.15:  85.8%

Total Levy History:

• 2024- 9093
• 2023-.8806
• 2022-.9673
• 2021-.9312
• 2020-.9402