School board adopts 2026 calendar-year budget and approves $8 million transfers between funds

The School City of Mishawaka Board of School Trustees on Oct. 8 adopted the 2026 calendar-year budget and approved multiple resolutions authorizing transfers of $8,000,000 between funds to cover operations and to comply with accounting and state requirements.

Finance staff said the calendar-year budget was prepared using an initial 12% increase to the Certified Net Assessed Value (CNAV) assumption, but noted that St. Joseph County's submitted figures received earlier the same day revised the CNAV-based calculation to an 8.47% figure. Staff said they would reconcile the budget numbers to the county's official figures and operate within the appropriations available.

The board approved Resolution No. 2025-7 to permit ongoing transfers from the education fund to the operations fund for the period July 1, 2025, through Dec. 31, 2025, covering the remaining balance of the $8,000,000 transfer. The board also approved Resolution No. 2025-8 to allow the transfer related to the 2026 calendar-year budget, Resolution No. 2025-9 transferring education fund balances above 15% to the rainy day fund, and Resolution No. 2025-10 to return funds borrowed from the education fund to close fiscal 2025.

Finance staff explained one transfer was made to correct a year-end red balance in the operations fund and that the petition to St. Joseph County for the state-mandated reimbursement amount for attendance officers will be submitted after the spring ADM count. All budget and transfer resolutions were adopted by the board at the meeting.