At the February 10, 2015 Operations Briefing Session, the Board of School Commissioners received an update on the district’s bond refinancing and financial calendar planning. For Indianapolis Public Schools’ 2006 and 2006B series bonds, the district’s remaining principal balance is $159 million with an additional $64.3 million in interest. IPS recently received eight bids for refinancing proposals. The Board is scheduled to approve a selected bid at the February 24 Action Session, and the financial office should close on the agreement in April.
Our financial team shared that the district will forecast revenue for the coming year before determining staffing assignments. Until now, staffing decisions were made before a forecasted revenue was calculated; this new approach is designed to help create a more realistic budget each year. IPS is currently honing a timeline to transition to a fiscal year aligned to the school calendar as opposed to the traditional January-December schedule.
The Board of School Commissioners approved a proposal to amend the Board meeting schedule. There will be two Board sessions each month – an Agenda Review Session on the fourth Tuesday to review potential action items, and an Action Session on the fourth Thursday to take final action on the items discussed at the previous session. Briefing Sessions may be held when deemed necessary by the majority of the Board.