North Putnam’s finances, enrollment following uptrend

ROACHDALE — In spite of declining enrollment until this school year, North Putnam looks to be on an uptrend even as uncertainty dictates the extent of its growth.

The North Putnam School Board got a sense of what the school corporation’s financial future could be from Stifel Financial’s Chad Blacklock as he ran through the numbers a week ago.

“I see a school corporation’s finances like a story, and every one has their own story,” Blacklock provided beforehand. However, he overviewed how school districts like North Putnam face similar factors which impact funding.

Each corporation has Operations, Debt Service and Education funds which they draw from for related expenses. State revenue goes into Education while property tax revenue goes into Operations, though money can be transferred from the one to the other, respectively.

The per-student state funding is determined by a formula set by legislators every two years in terms of enrollment. As there is “foundational” funding that is the same for every school district, there is also “complexity” funding based on students receiving poverty benefits.

“The legislators have kind of taken the approach that they are wanting to throw more money toward the basic foundation funding,” Blacklock said, noting that districts with more complexity dollars have lost out as such.

This compounds with funding being impacted even with a marginal decrease in enrollment, and this correlates with what he characterized as a growing disparity in teacher pay. School districts without rapid growth cannot keep up.

North Putnam has seen a steady decline in enrollment, averaging 46 students per year between 2005 and 2014, and then 39 between 2015 and 2020. Growing, though, by 70 students this school year, Blacklock indicated this decrease in the average as a positive trend.

Based on the 2022 per-student amount set at $6,440, a decline of 23 students per year means losing about $148,000 in funding. But the increase by 70 students means gaining about $450,000.

Revenue from property taxes, meanwhile, is effectively tied to assessed value, which can be an indicator of the demographics and financial strength of the community as a whole. It has gone up 15-20 percent in the state as the housing market has been volatile.

“There’s not a lot of rhyme or reason necessarily to say rural schools in Indiana only grew 15 percent, and it was the big districts that grew the 30,” Blacklock said, however, predicting that the high percentage will continue next year.

North Putnam has had the lowest tax rate compared to Greencastle, South Putnam and Cloverdale. Blacklock noted that North Putnam’s has stayed about the average rate of $1-$1.50.

With North Putnam’s budget spending on the whole, Blacklock concluded that it is trending positively despite no significant increases in cash balances. In other words, expenses are not overtaking revenue.

In other business:

• On a recommendation from Director of Operations Terry Tippin, the board approved purchasing two new 72-passenger school buses through Kerlin Bus Sales.

Tippin noted that yellow buses were last purchased in 2019 and delivered shortly in early 2020. While those were $111,000 each, a new bus now costs $146,000. He added that the cost could rise 30 percent come January.

• The board approved collecting on overdue textbook rentals through the Tax Refund Exchange and Compliance System (TRECS) program. Funds would be captured through state tax refunds. Parents would be regularly notified of about collections before they would occur.

• The board approved a tentative layout for North Putnam’s 2023-24 academic calendar. Supt. Nicole Allee noted that parent-teacher conferences would be moved to September and the calendar would have three built-in snow days.

• The board approved Corporation Treasurer Tanya Pearson transferring an amount not exceeding 15 percent from the Education Fund to the Operations Fund.

The board also recognized NPHS English teacher Jessica Neild as North Putnam’s Teacher of the Month.

The board also approved the following personnel report:

• New hires: Dominique Placido - Bainbridge Elementary instructional assistant; Ashley Land - Roachdale Elementary instructional assistant; Margaret Smith and Tawnie Ramer - Roachdale Elementary after-school tutors; Allison Everman - NPHS boys’ and girls’ swimming and diving; Skylar Clifford - NPHS softball assistant coach; and Anthony Rossok - NPHS baseball assistant coach;

• ECA: Lisa Costin - Bainbridge Elementary Spell Bowl coach/robotics coach; Jeanna Amos - Bainbridge Elementary Student Council sponsor; Staci Parent and Becky Cook - Bainbridge Elementary Math Bowl coaches (split stipends); Jennifer Gibbs - Bainbridge Elementary yearbook sponsor; Lisa Costin - district ELL coordinator; Laurie Hensley - high-ability coordinator; and Jennifer Gibbs - district dyslexia coordinator.

With Eric Oliver the only member absent, the rest of the board joined Allee, Tippin, Pearson, Corporation Attorney Darren Chadd and Administrative Assistant April Lambermont for the meeting.

The next regular meeting of the North Putnam School Board is set for Thursday, Dec. 15 at 7 p.m. in the large group instruction room at North Putnam High School.