Agenda Item
Meeting Date: 2/20/2020 - 6:30 PM
Category: New Business and Reports to the Board
Type: Info
Subject: FY2020 CIP Reserve Account Update Q2--5 mins.
ACPS 2025 Strategic Plan Goal:
Goal 6: Effective and Efficient Operations
Policy: DI - Financial Accounting and Reporting
Funding Source or Fiscal Impact (where applicable):
File Attachment:
200220_Memo_FY2020_CIP_Reserve_Account_Update_Q2.pdf
200220_Attachment1_CIP_Reserve_Funding_Sources_Q2.pdf
200220_Attachment2_CIP_Reserve_Account_Tracker_Q2.pdf
Agenda Item Summary: The Capital Improvement Program (CIP) Reserve Account balance is $556,777.32. Attachment #1 (CIP Reserve Funding Sources) outlines the account sources that contribute to the current reserve balance.
Background: On December 7, 2017, the School Board authorized the establishment of a CIP Reserve Account which provides an additional option for CIP budget transfers. This reserve account allows the School Board to move budgeted funds between capital accounts through the below two-step process:
1. The School Board approves budget transfers from specific project account lines to the CIP Reserve Account.
2. The School Board later approves budget transfers from the CIP Reserve Account back to other specific project account lines based upon justifications of need. On at least a quarterly basis, ACPS staff updates the School Board on the current account balance and, when necessary, provides recommendations to the School Board to move funding into and out of the CIP Reserve Account.

The CIP Reserve Account currently has a balance of $556,777.32. Attachment #2 (CIP Reserve Account Tracker) outlines all of the Board-approved budget transfers that have led to this current balance.
Recommendation: The Superintendent recommends that the School Board review the current CIP Reserve Account update for Q2.
Approvals:
Recommended By:
Signed By:
Mignon Anthony - Chief Operating Officer
Signed By:
Dominic Turner - Chief Financial Officer
Signed By:
Gregory Hutchings - Superintendent