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Meeting Date:
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2/3/2022 - 6:30 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/Action
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Subject:
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CIP Reserve Account Balance Update, FY22 Quarter 2
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ACPS 2025 Strategic Plan Goal:
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Goal 4: Strategic Resource Allocation ACPS will strategically provide differentiated resources and supports to schools and departments.
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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 and accept 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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Dominic Turner - Chief Financial Officer
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Signed By:
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Dr. Gregory C. Hutchings, Jr. - Superintendent
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Vote Results:
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| Original Motion | | Member Christopher Harris Moved, Member Willie F. Bailey, Sr. seconded to approve the Original motion 'The Superintendent recommends that the School Board review and accept the current CIP Reserve account balance.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 9 Nay: 0. | | The motion Carried 9 - 0 | | | | | Meagan L. Alderton | Yes | | Jacinta Greene | Yes | | Dr. Michelle Rief | Yes | | Kelly Carmichael Booz | Yes | | Tammy Ignacio | Yes | | Christopher Harris | Yes | | Abdel-Rahman Elnoubi | Yes | | Dr. Ashley Simpson Baird | Yes | | Willie F. Bailey, Sr. | Yes | |
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