The Vincennes Community School Board voted Monday to transfer over $2.2 Million Dollars from the school corporation’s General Fund to the Rainy Day Fund.
The money comes from a court mandated Indiana State Teachers Health Insurance refund to schools, the sale of the old middle school and administration building, and not spending money on a number of budgeted projects and items over the last couple of years.
Superintendent Greg Parsley says the money will be needed as early as next year due to an expected drop in state funding and a possible continued decline in local tax dollars available to schools.
The Transportation Fund and the Capital Projects Fund may be impacted the most.
The tax draw for public schools last month was already twenty percent less than expected.
Parsley believes next year may be even lower especially if the Business Personal Property Tax is removed by the Legislature.