Budget Overview. Beginning with the 2019, school budgets were changed into two funds: Education Fund and Operations Fund. The Education Fund is for expenditures related to student instruction and learning. The Operations Fund replaced the Capital Projects Fund, the Transportation Fund, and the Bus Replacement Fund. The Operations Fund will raise a property tax levy to provide funding for aforementioned levies. 2020 Budget Overview.
Financial Condition. House Enrolled Act 1315 (2018) established the Fiscal and Qualitative Indicators Committee, under the direction of the state’s Distressed Unit Appeal Board (DUAB). The committee developed indicators used to evaluate the financial condition of school corporations. The DUAB reviewed indicators for each corporation in early 2019 and the director contacted several corporations to discuss their financial condition based on these indicators. TCSC was not asked to meet with the DUAB Director. During the 2019 legislative session, Senate Enrolled Act 549 (“SEA 549”) added a new requirement for school corporations pertaining to the Indicators. During a school corporation’s annual Board of Finance meeting held in January, the superintendent of the school corporation submits a written report to the Board of Finance that assessed the financial condition of the school corporation using the Indicators. 2020 Financial Condition Report
Department of Local Government Finance (DLGF). The Department of Local Government Finance is responsible for ensuring property tax assessment and local government, including public schools, budgeting are carried out in accordance with Indiana law. The Department is charged with publishing property tax assessment rules and annually reviewing and approving the tax rates and levies of every political subdivision in the state, including all counties, cities, towns, townships, school corporations, libraries, and other entities with tax levy authority. More information can be found at the DLGF Website.