Carmel Clay Schools posts clean audit, flags HB2010 excise allocation and notes $2.8M bus purchase

Miss Amanda Kushar presented the district’s monthly financial highlights. She reported that the annual audit (posted online) returned a clean, unmodified opinion and that the district’s single audit and extracurricular activity audits were also clean with no findings.

Kushar summarized two provisions from recent state legislation (House Bill 2010) affecting revenue treatment: (1) a new option allowing taxing units to deposit excise tax distributions into any fund maintained by the taxing unit (district awaiting guidance on whether the state will require allocation to the operations fund) and (2) a 2027 credit/deduction treatment change that will shift a $300 credit to the operations fund next year, which the presenter estimated could be roughly $3 million for the district’s operations fund. The district reported it receives about $6.8 million via the excise tax source overall.

She also noted the district completed a scheduled bus purchase (12 buses, about $2.8 million) and that 2026 bond proceeds were received and are held in trust. Miss Kushar said revenues and expenditures are tracking toward budgeted projections.

Board members praised the highlights format and asked about bus fuel types; staff said the fleet is primarily diesel with some propane vehicles and one earlier electric bus purchase funded partially by a state grant.