How does a school corporation determine the amount of anticipatory warrants to issue?
The completed ISCAP Schedule A cash flow projection form illustrates the school corporation’s reasonably anticipated income and expenditures on a monthly basis and may show a deficit. A school corporation may issue anticipatory warrants to provide funds to cover its General Fund deficit until state aid and property taxes are received. The ISCAP underwriters review the data submitted on the Schedule A cash flow projection form, contact the board secretary or treasurer to confirm any changes and provide an official Schedule A cash flow projection form back to the school corporation. This form must be carefully reviewed. If further changes are necessary, ISCAP must be notified immediately. If no changes are needed, the form must be signed by a school official and submitted to ISCAP. ISCAP must be informed of any changes in the school corporation’s financial condition affecting the accuracy of the figures on the cash flow projection form.
