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Meeting Date:
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5/5/2016 - 7:00 PM
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Category:
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New Business and Reports to the Board
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Type:
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Info
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Subject:
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D Policies-Fund Balance
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ACPS 2025 Strategic Plan Goal:
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Objective 6.1 Fiscal Policies and Practices ACPS will plan, manage, monitor, and report spending to provide decision-makers and the community with a reliable, accurate, and complete view of the financial performance of the educational system at all levels.
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Funding Source or Fiscal Impact (where applicable)
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The policy will provide the guidelines for the management of the fund balance.
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File Attachment:
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Agenda Item Summary:
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The attached final version of the policy for maintaining and prioritizing Fund Balance enables the School Board to maintain a maximum unrestricted operating fund balance of 5% of its Final Operating Budget.
This policy largely formalizes and updates a mutual understanding and practice between the City and ACPS that once an operating or capital transfer is made from the City to ACPS, any surplus or savings derived from those transfers accrues for the future use by ACPS in subsequent fiscal years and does not revert back to the City. This policy also affirms that the total allocation of funds transferred to ACPS including fund balance requires City Council’s appropriation approval on an annual basis. However, the actual spending or use of funds is governed by, and at the sole discretion of, the School Board.
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Background:
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On December 18, 2014, the Alexandria City School Board heard and approved a staff recommendation “that together ACPS and the City develop a fund balance policy for schools that outlines the appropriate level of unrestricted fund balance for ACPS, addresses the amount of the City’s fund balance that should be designated for schools (if any), and establishes the protocols and guidelines that govern the process and criteria by which ACPS may access the City’s funds.” ACPS and City staff have collaborated to develop the attached final version of proposed Policy DAB.
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Recommendation:
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The Superintendent recommends that the School Board review the final version of Policy DAB.
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Approvals:
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Recommended By:
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Signed By:
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Stacey Johnson - Chief Financial Officer
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Signed By:
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Alvin Crawley - Superintendent
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