IPEC Board Meeting Approves Tax Warrant, ED Compensation, and Claims – August 12, 2026
IPEC Board Meeting – August 12, 2026
The Indianapolis Public Education Corporation (IPEC) Board held a regular meeting on August 12, 2026, at 4:00 PM in the City-County Building. The board approved the minutes, ratified a tax anticipation warrant for IPS, set the new Executive Director's compensation and start date, discussed a draft ethics code, received updates on referendum progress and staffing, and approved claims. No public testimony was given.
Consent Calendar
- Approval of Minutes: The board unanimously approved the minutes of the July 22, 2026, public meeting. Motion by [member], second by Ashley.
Public Comments & Testimony
- No public comments were made.
Discussion Items
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Ratification of Tax Anticipation Warrant (TAW) – CFO of IPS, Weston Young, presented a request for IPEC to ratify the second tranche of a 2026 tax anticipation warrant for the Operations Fund ($10.8 million). John explained that IPEC’s role is to ratify because of the transition from IPS to IPEC authority after March 31, 2026. The short-term loan (3–3.5% interest, capped at 8%) will be repaid by December 31, 2026. Ron Mangus of Indiana Bond Bank confirmed market rates have risen but the bond bank will place the notes. The board voted unanimously to ratify.
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Executive Director Compensation and Start Date – Acting Executive Director Mike outlined a compensation package for Dr. Raoul: base salary $285,000, start date September 17, 2026, with benefits through the City of Indianapolis health plan, hybrid PERF retirement plan, 18 hours/month paid time off, and a $200/month cell allowance. The board discussed potential future incentive bonuses and holiday flexibility. A motion to approve passed unanimously.
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Ethics Code (First Reading) – John presented a draft IPEC Ethics Code, adapted from the city‑county code but tailored to IPEC’s multi‑perspective board. The board is not bound by the city code; this draft retains waiver and enforcement authority with the board. No action was taken; it will be revisited after a cross‑walk comparison is circulated. Suggestions included forming an ethics committee.
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Acting Executive Director’s Report / Referendum Update – Mike reported that the Marion County Election Board approved the ballot language verbatim. The Department of Local Government Finance certified funding numbers. IPS and charter schools will have posting obligations by late October. The executive vice president, Andrew Schrope, is expected to start between August 26 and September 1, with compensation still being finalized (approximately $150,000). The board discussed forming additional working groups (e.g., ethics, facilities/transportation, budget, legislative session, early childhood, marketing/communications) and emphasized that committees could be chaired by non‑board experts. Chairman highlighted the need to prioritize given limited staff.
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Approval of Claims – The board approved payment of claims covering the first two months of agreements with Mike (three‑month contract) and Faegre Drinker (John’s services). The claims are paid from IPEC’s operations fund (~$3 million annual budget). Motion and second, unanimous.
Key Outcomes
- Ratified 2026 Tax Anticipation Warrant (Operations Fund, $10.8M) – unanimous.
- Approved Executive Director Compensation ($285,000 salary, benefits, start Sept 17) – unanimous.
- Approved Claims Docket for August 2026 – unanimous.
- No action on Ethics Code; further discussion and cross‑walk to be circulated before next meeting.
- Staff directed to develop a plan for forming working groups; feedback included forming committees on ethics, facilities/transportation, budget, legislative session, early childhood, and communications.
Meeting Transcript
Okay, so we can see that. Okay. All things are interesting. Okay. So maybe an hour right now about that first. But we'll be on that. Yeah, it doesn't jump. Yeah. Yeah. We don't know what kind of anything. Hello. I love the kicks this week. I I've been paid attention. I think we start here. I think you're seeing that. I can say the same. Perfect. Good meet. Good afternoon. Thanks to everybody for being here. I think it's on. Oh. Is it not on? I think it's on. Good to see everybody. Good to see all the board members. Thank you for making it here in the difficult weather. Thank you to all of the people here in attendance for making it through all the rain. Um excited to call this meeting to order. We've had some positive developments recently. Uh very excited about the new executive director that we approved last meeting. And um I hope folks have seen the announcement of the new executive vice president Andrew Schrope, uh, formerly the deputy superintendent of IPS. So the second employee in the history of IPAC. So very excited about that. I'm not sure this will be a terribly long meeting today. But let's start off by getting approval of the minutes. Do we have a motion? So move. Second. Second from Ashley. All those in favor? And we will now consider ratification of the tax anticipation warrant. So John would invite you to come forward, and I think you'll invite Weston to come forward to make presentation at the appropriate time. So yes, you have in your packet a resolution to ratify a decision by IPF to pursue tax anticipation warrants. And I also provided a memo kind of explaining what those are the history behind the program behind that and our role in this process. And essentially, we're in a transition period where there's for any kind of indebtedness, you repay it with revenues. And those revenues come from a tax levy. The levies run on a calendar year basis. So IPAC itself does not have a levy until 2027. It's approvals for the 2026 levy occurred in 2025.
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