NESC approves resolution to establish new funds
With the passage of several resolutions, Northeast School Corp. trustees created new funds for its money during their meeting Monday night.
Those resolutions transformed the old general fund into the education fund and combined the former capital projects, transportation and bus replacement funds into the operations fund.
The change takes effect Jan. 1, 2019.
The education fund will contain money received from the state through its per-student funding formula. Property taxes drawn by NESC go into the operations fund.
The change was necessitated by a new law, which, in addition to establishing the new fund requirements, also shifts some of what was once paid through the old general fund to the new operations fund.
As part of that, the corporation also approved monthly money transfers from the education fund to the operations fund to cover those expenses for this school year.
“Every month, we’ll be transferring (about) $100,000 out of the education fund to put into he operations fund,” NESC Superintendent Mark Baker said.