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Meeting Date:
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9/13/2018 - 6:00 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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CIP Reserve- Account Balance Update
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ACPS 2025 Strategic Plan Goal:
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Objective 4.1 Optimal Learning Environments and Infrastructure In collaboration with City partners, ACPS will move aggressively to modernize all learning environments, expand or otherwise adapt facilities to meet projected changes in school enrollment, and ensure equitable application of capital improvements throughout the school division. 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. Objective 6.3 Operational Efficiency and Performance Management ACPS will focus resources on student learning by utilizing a comprehensive performance management system that ensures efficient, cost-effective business operations.
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Funding Source or Fiscal Impact (where applicable)
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File Attachment:
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Agenda Item Summary:
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The CIP Reserve Account balance will remain at $753,129.32 as no budget transfers are recommended at this time. Attachment #2 outlines the account sources of this current balance.
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Background:
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On December 7, 2017, the School Board authorized the establishment of a Capital Improvement Program (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 $753,129.32. Attachment #1 outlines all of the Board-approved budget transfers that have led to this current balance.
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Recommendation:
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The Superintendent recommends that the School Board review this current account balance and considers future CIP Reserve Account transactions.
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Approvals:
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Recommended By:
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Signed By:
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Mignon Anthony - Chief Operating Officer
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Signed By:
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Dr. Gregory C. Hutchings, Jr. - Superintendent
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