TCSC 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, student fees, 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.  2025 investment earnings totaled $268,770.62. Tipton Community School Corporation maintains a Repurchase Agreement Account (charge card) through BMO Harris Bank.  

Attached are detailed projections of Revenue and Expenditures for 2026 as set out in our 1782 Notice from the DLGF.  Our Final 1782 Notice is attached.

Approved Appropriations 2026

• Rainy Day-$250,000
• Debt Service-$3,727,870 
• Education-$11,768,025
• Operational Fund:  $5,210,010

Approved 2026 Tax Rates:  

• Debt Service: .3989
• Operational Fund:  .4666
• Total Levy: .8655

2025 Expenditures and % of Appropriation Spent

• Education Fund - $11,773,581.21 - 96.4% (excludes transfers)
• Debt Service - $4,021,750  - 99.96%
• Operation Fund -  $5,406,680.94  - 94.37%

Total Levy History:

• 2025 - .8540
• 2024 - .9093
• 2023 -.8806
• 2022 -.9673
• 2021 -.9312
• 2020 -.9402

During our work session, Mr. Jaworski presented information regarding the financial condition of the Tipton Community School Corporation as part the required annual DUAB report.