[The Brazil Times nameplate] Fair ~ 64°F  
High: 67°F ~ Low: 50°F
Thursday, Apr. 28, 2016

Board makes financial decisions

Thursday, April 10, 2008

The Clay Community School Corporation Board of Trustees met in the Clay City Junior/Senior High School Auditeria Thursday night to make crucial financial decisions for the future of the corporation.

Superintendent Dan Schroeder said he received unofficial word that there are enough certified signatures to request a petition remonstrance. He recommended to the board that, once the signatures were verified and all legal requirements were met, the corporation publish the findings and continue with the petition process.

Schroeder estimated the official petition request notification will come in the third week of April, and publication will occur the first week of May. The board passed the recommendation unanimously.

Also, with the help of Business Manager Mike Fowler, Schroeder asked to transfer $2 million into the Rainy Day Fund to cover unfunded retirement liabilities.

Last year, $650,000 of the General Fund went to retirement liabilities. By putting the $2 million into the Rainy Day Fund, the corporation will be able to cover any retirement benefit costs incurred from Jan. 1, 2009 through 2019.

This means more money in the General Fund can go toward programming and personnel in the future.

The freeing of these funds is important because of the new legislative measures taken to reduce property taxes.

Schroeder said the corporation could lose $50,000 out of the 2009 budget and $239,000 out of the 2010 budget if the recently instituted laws are continued. State credits may be applied, which may mean no affect on 2009, and a budget cut of $107,000 in 2010.

The cuts would be applied to the transportation, school bus replacement and capital projects funds.

Schroeder said he imparted the information to "warn future boards" of the financial issues the corporation might face.

The board also approved the borrowing of $7 million dollars to cover operating expenses, because the state will not have the information in time to disperse the tax draw in June. Last year, the corporation did not receive its mid-year disbursement until November.

In other business, the board approved the recommendation for new English, World Language and spelling textbooks. A committee headed by Curriculum Director Kathy Knust selected the providers, and had the recommendation into the board a month earlier than usual to prevent backorders.

Mary Yelton gave a report on the programs available at the LEAAP center, including preschool, special education, adult education and family literacy programs.

The board approved $70,000 of the capital projects fund be disbursed for emergency repair of the North Clay Middle School roof. The roof sustained $115,000 worth of damage during recent rains, and although an insurance claim paid $49,000 for repair, much of the roof had to be replaced instead of repairing the old roof.

In his Superintendent Report, Schroeder informed the board that no schools in the corporation fall under the "probationary" category of Public Law 221 state standards.

Four schools improved in standardized testing, four remained the same and two declined, but none fell into the probationary levels.

The next Clay Community School Corporation Board of Trustees meeting will be May 15, changed from May 8, at North Clay Middle School, at 7:30 p.m.

Respond to this story

Posting a comment requires free registration: