Oversight board recommends $15 million up front and $6 million a year in county money for the school building plan

What happened

Board member Jim Bramble moved that the county commit $15 million in cash up front, plus $6 million a year once bond or lease payments begin, toward the school corporation's building plan — using existing tax revenue, with no new or higher tax — and the board passed it 5-0. Board member Carrie Pickens (a "probable" identification per this meeting's speaker roster) said the move would make Vigo County the first county in Indiana to use a new state law letting counties help fund school building plans this way, without a property-tax referendum. The county's financial consultant, Tim Berry, told the board reserves currently run about 100% of annual operating expenditures, and Mark Matheny said the county's own projections never dip below about 49.8% of annual expenditures even after this commitment — well above the 18-to-20% minimum the Government Finance Officers Association recommends — and the board said the recommendation heads next to the county commissioners at a 5 p.m. session the same day.

The outcome

Passed 5-0 on a roll-call vote.

Sources

• Jim Bramble's motion: $15 million up front, $6 million a year, 52:49
• Roll-call vote, passes 5-0, 57:32
• "No new tax" clarified, 47:23
• Carrie Pickens: "first county in Indiana" to use this funding tool, 56:06
• Reserves currently about 100% of annual operating expenditures, 29:03
• Projections stay above 49.8% of annual expenditures, 43:25
• GFOA recommends an 18-20% reserve, 42:43
• Recommendation heads to commissioners at 5 p.m., 16:45

Also known as: Option 6.2 funding · $15 million upfront · $6 million a year · school funding recommendation · Vigo County Oversight Board