1. (a) Subject to review by the state budget committee under section 6 of this chapter, the DUAB shall determine the fiscal and qualitative indicators to be used for evaluating the financial condition of each school corporation.

2. (b) The fiscal indicators under subsection (a) may include the following factors:

   Annual capital expenses compared to total capital assets

   Average daily membership (ADM)

   Common school fund loans

   Controlled project fund referendum revenue

   Debt to assessed value and debt to ADM ratios

   Education fund referendum revenue

   Federal revenues

   Fund cash balances by fund and overall

   Fund deficits and surpluses by fund and overall

   Fund deficits and surpluses combining the education and operations fund and debt

   Gross expenditures per ADM

   Interfund transfers

   Operating deficit or surplus

   Outstanding debt and annual debt service obligations

   Qualitative indicators as set forth in subsection (c)

   Salaries and benefits

   Seven (7) year trend lines using state fiscal years

   State tuition support

   Any other fiscal indicator determined by the DUAB.

3. (c) The qualitative indicators under subsection (a) may include the following factors:

   Failure to make required contributions or transfers

   Issuance of judgment bonds

   Missed debt payments

   Missed payroll

   Past due vendor payments

   Any findings related to the financial condition of the school corporation by the Indiana education employment relations board

   Any other qualitative indicator determined by the DUAB.

As added by P.L.213-2018(ss), SEC.15. Amended by P.L.184-2023, SEC.14; P.L.236-2023, SEC.132.