Bills warn schools of money woes

MUNCIE, Ind. (AP) — Two Indiana lawmakers are sponsoring bills that would create an early warning system for school districts headed toward financial distress in an attempt to avoid a state takeover.

To date, Indiana has taken over the financially troubled school districts in Gary and Muncie. Gary has more than $100 million of debt and officials say Muncie has a negative cash balance of $18 million.

Some lawmakers warn that more school districts will face budgetary distress in the coming years.

Republican Rep. Tim Brown told the Star Press that his legislation would create a financial-condition indicator dashboard summarizing data on each school. The dashboard could offer “objective trend lines,” including cash balances in a school district’s main funds over several years.

Read more: https://www.southbendtribune.com/news/indiana/bills-warn-schools-of-money-woes/article_100827f3-15b4-5a74-bab8-88bb8600685d.html