According to DUAB, Muncie Community Schools made progress in addressing its operational financial deficits. However, there are still financial challenges confronting the school corporation’s ability to become financially stable.
Muncie Community Schools’ financial situation
In August, Deputy State Examiner Tammy R. White, CPA, released a report regarding its audit of the school corporation’s financial statement, internal control, and compliance with certain provisions of laws and other matters.
In her report, White noted that Muncie Community School’s total fund balance was $8,307,696. Its 2014 GO Construction Bond has a balance of $9,398,655 as of June 30 2016. However, the bond has a corresponding debt of $9,695,000. The school corporation needs to repay the debt on January 15, 2024 with two balloon payments in the 2023/2024 fiscal year totaling $7,147,800.
Additionally, the school corporation has Tax Anticipation Warrants at June 30 2016 of $10 million, which are payable/ matured on December 30, 2016. The warrants went to its General Fund ($7,300,000), Debt Service fund ($1,200,000), and Capital Projects fund ($1,500,000).
