2018 Indiana Code
TITLE 20. Education
ARTICLE 19. STATE ADMINISTRATION OF ELEMENTARY AND SECONDARY EDUCATION
CHAPTER 7. School Corporation Financial Condition Analysis
20-19-7-4. Fiscal and qualitative indicators; factors; state budget committee review

Universal Citation: IN Code § 20-19-7-4 (2018)
IC 20-19-7-4 Fiscal and qualitative indicators; factors; state budget committee review

     Sec. 4. (a) Subject to review by the state budget committee under section 6 of this chapter, the fiscal and qualitative indicators committee shall determine the fiscal and qualitative indicators to be used for evaluating the financial condition of each school corporation.

     (b) The fiscal indicators under subsection (a) may include the following factors:

Annual capital expenses compared to total capital assets

Average daily membership (ADM)

Common school fund loans

Controlled project fund referendum revenue

Debt to assessed value and debt to ADM ratios

Education fund referendum revenue

Federal revenues

Fund cash balances by fund and overall

Fund deficits and surpluses by fund and overall

Fund deficits and surpluses combining the education and operations fund and debt

Gross expenditures per ADM

Interfund transfers

Operating deficit or surplus

Outstanding debt and annual debt service obligations

Qualitative indicators as set forth in subsection (c)

Salaries and benefits

Seven (7) year trend lines using state fiscal years

State tuition support

Any other fiscal indicator determined by the fiscal and qualitative indicators committee.

     (c) The qualitative indicators under subsection (a) may include the following factors:

Failure to make required contributions or transfers

Issuance of judgment bonds

Missed debt payments

Missed payroll

Past due vendor payments

Any findings related to the financial condition of the school corporation by the Indiana education employment relations board

Any other qualitative indicator determined by the fiscal and qualitative indicators committee.

As added by P.L.213-2018(ss), SEC.15.

 

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