Through aggressive financial tactics, increased state funding, and a continued growth in student enrollment the Mt. Vernon Community School Corporation can boast a positive General Fund cash balance. It is for these reasons, the Board of School Trustees voted at their May 16, 2016 monthly board meeting to not collect the third and final year of the General Fund Referendum. Mike McCarty, School Board President, read the attached statement linked HERE at the school board meeting.
When the $0.11 General Fund Referendum passed by a narrow margin in 2014, MVCSC’s General Fund was in debt $4.2 million. At that time, the MVCSC School Board was resolute that a General Fund Referendum was needed in order to eliminate the deficit and move the district in the right direction.
The Referendum Funds collected became one factor that helped stabilize MVCSC’s General Fund. Dr. Robbins, MVCSC Superintendent of Schools, states, “We are grateful to the community for their support and belief in Mt. Vernon Schools that helped bring us to fiscal solvency. With the community’s support, we are now operating with a positive cash balance in the General Fund while continuing to meet our staffing expenses. The school’s tax rates are the lowest they have been since 2013, and without collecting the third year referendum tax, taxes will be the lowest that they have been since 2010.”
Other factors that have helped secure the district’s General Fund include, competitive bidding of services, the new state funding formula which has raised per pupil funding for the district, and an increase in the corporation’s enrollment. All of these changes combined have brought in approximately $2.3 million in additional revenue and savings to the district.
Currently, MVCSC’s General Fund has a balance of $1.3 million and is anticipated to increase to $2.5 million by the end of year 2016.
Dr. Robbins states, “The General Fund Referendum has accomplished what it was intended to do. By not collecting the third and final year, we hope to demonstrate that we will only ask for what we need. We pledge to maintain fiscal solvency and transparency to the community. I encourage the community to stay up to date with Mt. Vernon Schools’ developments, news and finances through our website and social media.”
MVCSC School Board President, Mike McCarthy, states, “We are more than pleased to be able to pass the final year of the referendum tax savings on to the community. I would like to commend the efforts of MVCSC leadership as they were able to bring the General Fund into a positive cash balance so quickly. This benefits the community that believed in and supports us. As we prepare for our future growth that will impact our Capital Projects Fund, district leadership will continue to be prudent and operate in a fiscally responsible manner.”
Further information on the current status of MVCSC’s funds and budget can be found on the district’s homepage under the “Finances” page linked HERE. Finance reports are published monthly in an effort to maintain transparency and demonstrate fiscal solvency to the community.