One major difference from previous budgets is the consolidation of four of the corporation’s funds into two, as part of Indiana’s overhaul of the school funding structure. As part of the change, board members formally approved the creation of the new Education and Operations funds.
They also authorized a series of fund transfers to get them up and running. At the end of the year, all the money remaining in the General Fund will be moved to the new Education Fund, and the money from the Capital Projects, Transportation, and Bus Replacement funds will go to the new Operations Fund.
Then, a million dollars from the new Education Fund will be moved to the new Operations Fund. That’s because certain costs that are currently budgeted in the General Fund will have to be paid out of the Operations Fund, according to Superintendent Dr. William Reichhart. “There’s going to be a whole group of salaries and expenses that the Bus Replacement, Capital Projects, and Transportation won’t have enough money in it [to cover],” he explained. He and Treasurer Dawn Bailey explained that the $1 million figure was simply an estimate, and the board will have the ability to transfer more money next year, if needed.
The 2019 budget calls for an Education Fund of just over $9.1 million and an Operations Fund of more than than $6.4 million. Tuesday’s budget adoption also included the approval of several related documents, including the bus replacement and capital projects plans and the tax neutrality resolution.