VIGO COUNTY SCHOOL CORPORATION
BOARD OF EDUCATION MEETING
AUGUST 26, 2002
A Public Hearing regarding the 2002-2003 Budget was held at the Vigo County School Corporation Administration Building, 686 Wabash Avenue, Terre Haute, Indiana, on August 26, 2002 at 7:00 P.M.
The following Board Members were present: Mr. Kenneth Schuster, Mr. Michael Tom, Mr. Mel Burks, Mr. Gene Shike, Mr. Alferd Hamblen, Mr. Mark May, and Dr. Joseph Minnis.
Pledge of Allegiance
Mr. Alferd Hamblen led the Pledge of Allegiance.
Mr. Thornton reviewed the following 2002-2003 budgets which were previously presented to the Board at the August 12, 2002 Public Hearing.
General Fund budget
The General Fund was advertised at $99,619,830 for an approximate 3% increase. The General Fund levy was advertised at $26,947,645, which generates a tax rate of $1.0411 at the current assessed valuation. This advertisement does include an excessive levy of $1,500,000 to allow for any increases in other income to be included in the budget.
Transportation Fund Budget
The Transportation Fund Budget was advertised at $5,112,241 with a levy of $4,277,030 which includes an excessive levy of $500,000. The tax rate including the excessive levy was advertised at $.1652.
Debt Service Fund Budget
The Debt Service Fund Budget was advertised at $6,407,617 with a levy of $5,571,842 and a tax rate of $.2153. The Board is requested to approve a reduction in the 2002 appropriations for temporary loan interest expense for 2002 of $400,000. This item has been reduced in the 2003 budget by $275,000 instead of requesting the customary $500,000. This will mean a reduction in the tax for this fund of $675,000.
Special Education Preschool Fund
The Special Education Preschool Fund is advertised at a total of $756,250 with an advertised levy of $283,627 and a tax rate of $.0110. This will be reduced to the maximum rate of $.0033 at the budget hearing later this year.
Capital Projects Fund
The Capital Projects Fund is required by statute to be a three-year plan with the first year of the plan to be used as the budget for the coming year. For 2003, a budget of $11,750,250 was advertised which includes an excessive levy of $500,000. This fund has advertised levy of $11,505,901 and tax rate of $.4445. The maximum allowable rate for the fund is $.3723; therefore, this budget and levy will be reduced to this maximum amount.
Bus Replacement Fund
This 10-year plan is required by statute with the first year of the plan to be the budget for the coming year. The Bus Replacement Fund was advertised at a budget of $1,428,000 with an advertised levy of $1,893,149 and a tax rate of $.0731. This levy and rate is expected to be reduced at the hearing this fall.
Mr. Thornton stated that the budgets would be brought before the Board to be finalized at the September 9, 2002 meeting.
Questions and Comments on the Proposed 2002-2003 Budget from Audience
(No Comments were received)
Adjournment: 7:09 P.M.
______________________________Vice Pres. ______________________________
The entire proceedings of this meeting are on tape and available to be reviewed upon request in the office of the Superintendent.