Finances are strong

School finances have continued to show growth.

The Jay School Corporation Board of Finance on Monday received its annual report showing the education and operations funds with balances of $8.2 million and $6.4 million, respectively.

Business manager Shannon Current told the board of finance, made up of the seven members of Jay School Board, that both funds had positive cash flows in 2024. 

The education fund balance went up by about $300,000 after finishing 2023 at $7.9 million. The operations fund total went up by more than $1.7 million after finishing 2023 at $4.68 million.

In both cases, cash balances were at their highest mark in more than 30 years. (Both had set records last year as well.)

Jay Schools superintendent Jeremy Gulley noted that the board has a goal of keeping cash balances of at least 20% of annual expenses. Both major funds are currently above that threshold, with the education fund at 32.7% and the operations fund at 59.6%.

The rainy day fund came in at $1.82 million (no change from 2023) and the food service fund came in at $823,153.

Jay School Corporation’s board of finance received its annual report during its meeting Monday. The report shows the education fund with a year-end balance of $8.23 million, the highest in more than 30 years. The corporation’s operations fund was also at its highest point in more than three decades. The above graphic shows education fund cash balances over the course of the last 15 years. They have grown from about $1.5 million in 2017. (Jay School Corporation)

Board member Jon Eads asked about the fund, which has grown from $70,782.36 at the end of 2016.

Gulley said the closure of schools — the corporation has consolidated from 10 school buildings to six — brought savings that allowed funds to be moved into rainy day. He also noted that funds from the sale of the former administration building on Tyson Road that is now the home of Brigade went into the rainy day fund.

The food service fund was down from $1.34 million at the end of 2023 after funds were spent on the renovation of the commons at Jay County Junior-Senior High School and other upgrades to food service across the corporation.

Current also shared a report on investments, noting that the school corporation earned $953,630.16 in interest in 2024. (Interest goes into the operations fund, which explains most of its increase last year.) Interest has seen a significant uptick in recent years, from $25,304 in 2021 to $238,081 in 2022 to $761,207 in 2023 before pushing close to $1 million last year.

“That’s a difference maker,” said Gulley.

In the previous decade, the largest amount of interest earned in a single year was $139,703.

Despite the positive outlook, Gulley cautioned board members that budget surpluses and year-end balance increases are not guaranteed to continue. He pointed out that costs go up while Jay School Corporation enrollment continues to decline. Since sitting at about 3,000 for the 2020-21 school year, enrollment has dipped to 2,817.

“So good news, a string of good news,” said Gulley. (Year-end balances have increased every year since 2017.) “But we just can’t say for sure.”

He told the board that a review of finances will be held each month in order to evaluate what might need to be done to keep the corporation in a strong position.

Board members Ron Laux, Donna Geesaman, Marcie Vormohr, Chip Phillips, Chad Towell, Aaron Clark and Eads also approved First Bank of Berne and First Merchants Bank as depositories. (It was the first meeting for new board members Towell, Eads and Clark, all of whom were uncontested in the November election. They take over the seats previously held by Vickie Reitz, Jason Phillips and Phil Ford, all of whom did not seek re-election.)

During its organizational meeting before the board of finance meeting, board members elected Ron Laux as president, Donna Geesaman as vice president and Marcie Vormohr as secretary.

The board also made the following reappointments: Josh Atkinson of Coldren, Frantz & Sprunger as corporation attorney; Amy Matthews of Church, Church, Hittle & Antrim as legal counsel on an as-needed basis; Shannon Current as treasurer; Irene Taylor as deputy treasurer; Trent Paxson, Current and Taylor as authorized users of the safe deposit box; and Current and Taylor as small claims courts representatives.

Gulley appointed Geesaman, Phillips and Eads to the board’s insurance committee and Laux appointed himself, Geesaman and Vormohr to the negotiations committee. Laux also appointed Jon Eads as the board’s legislative delegate.

The board also approved the hiring of Ava Stockton as a vocational agriculture teacher at Jay County Junior-Senior High School. It accepted the resignation of high school physical education/health teacher Brad Horn.

Board members were also reminded to fill out and/or update conflict of interest statements.