Board of Finance Meeting

Mrs. Freeman made a motion to that the MVCSC School Board President serve as the Finance Board President and the MVCSC School Board Secretary serve as the Finance Board Secretary.  Mr. May seconded, and the motion carried 5-0.

Mr. May made a motion to adopt Resolution 2020-01 Authorizing Establishing a Board of Finance for 2020.  Mrs. Smith seconded, and the motion carried 5-0.

Mr. Elkins gave a report on the corporation's interest earnings for 2019.  For the period of January 1, 2019 to December 16, 2019, Mt. Vernon Community School Corporation earned a total of $65,439.84 that will be deposited in the corporation's Rainy Day Fund per Board Resolution 2019-12.

Mr. Elkins gave a report on the current investment policy, which will not be changed or altered, but contains one statutory change that has been put into place that we need to be compliant with giving us the ability to do short-term investments.  Resolution 2020-02 allows us to make investments having a stated final maturity that is more than two (2) years but not more than five (5) years after the date of purchase and that the total of all such investments outstanding shall not exceed 25% of the total portfolio of funds invested, including balances in transaction accounts. 

Mr. May made a motion to adopt the resolution allowing investments pursuant to IC 5-13-9-5.7 concerning the investment of public funds (Resolution 2020-02).  Mr. McCarty seconded. 

Mr. McCarty asked if MVCSC has a policy on land assets.  Amy Matthews, Legal Counsel, responded there is one titled Capital Assets, not sure if the title specifically says Land Assets.  Mr. Elkins stated in the last year or so we have been required to identify what a Capital Asset is, which Ms. Matthews stated resulted in the Capital Assets Policy.

Mrs. Freeman asked if the board would be notified when an investment is made.  Mr. Elkins stated yes, this resolution gives him authorization to make the investment, but he would communicate with the board that he was doing so.  This is just a what if situation, we are not in the position right now to do so. 

The motion carried 5-0. 

Mr. Elkins presented the Fiscal Indicator Report which he stated was basically a State of the District informational report with data provided by DUAB (Distressed Units Appeals Board).  The report is as of December, 2018 and is public information.  He is asking that the report be entered into the record to show that we are aware of this data and taking a look at the report.