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Meeting Date:
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5/22/2020 - 6:00 AM
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Category:
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Facilities and Operations
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Type:
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Info
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Subject:
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FY 2020 CIP Reserve Account Update for Q3
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ACPS 2025 Strategic Plan Goal:
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Goal 4: Facilities and the Learning Environment Goal 6: Effective and Efficient 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 is $235,759.77. Attachment #2 (Funding Sources of the CIP Reserve Account) outlines the account sources that contribute to the current reserve 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 $235,759.77. Attachment #1 (CIP Reserve Account Tracker) 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 the current CIP Reserve account balance.
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Approvals:
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Recommended By:
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Signed By:
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Dr. Alicia Hart - Executive Director of Facilities and Operations
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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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