|
|
|
|
|
Meeting Date:
|
5/5/2022 - 6:30 PM
|
|
Category:
|
Old Business and Action Items
|
|
Type:
|
Info
|
|
Subject:
|
Superintendent's Adjusted Budget
|
|
ACPS 2025 Strategic Plan Goal:
|
Goal 4: Strategic Resource Allocation ACPS will strategically provide differentiated resources and supports to schools and departments.
|
|
Funding Source or Fiscal Impact (where applicable)
|
|
|
File Attachment:
|
|
|
Agenda Item Summary:
|
On Thursday, May 5, 2022, the Superintendent will submit his Adjusted Combined Funds and CIP Budgets which must factor in any changes since the School Board approved the budget on February 10, 2022. Revenue and Expenditure adjustments, to the Combined Funds (Operating, Grants & Special Projects, and School Nutrition Services) and adjustments to the CIP, since the budgets were approved are enumerated below:
Combined Funds Budget (Operating Fund, Grants and Special Projects Fund, and School Nutrition Services Fund)
Operating Fund:
Add the Use of Fund Balance totaling $3,774,100 to support the CIP Budget. Per policy DAB, funds exceeding the maximum allowable fund balance reserve of 5% (of total expenditures) may be appropriated for one-time use. This transfer of $3,774,100 to the CIP will help support capital project needs.
Grants and Special Projects Fund:
There are no adjustments to Grants and Special Projects Fund.
School Nutrition Services Fund:
There are no adjustments to School Nutrition Services Fund.
Capital Improvement Program (CIP):
There are no adjustments to the CIP.
|
|
Background:
|
FY 2023 Combined Funds Budget
The City of Alexandria, which is the largest revenue source to ACPS, has thus far maintained the ACPS requested City appropriation at approximately $248.7 million. The City appropriation is scheduled to be adopted by the City Council on May 4, 2022.
Final state revenue is still being decided at the state level. Our current budget projects this revenue based on information currently available. Adjustments will be made upon the finalization of the state’s budget.
To support our capital project needs, included in these adjustments is a Use of Fund Balance totaling $3.8 million. This amount is the portion exceeding the 5% (of total expenditures) maximum that may be kept in Fund Balance. Appropriating this one-time use, to transfer to the CIP will help limit the need for borrowing to complete CIP projects.
FY 2022-2031 Capital Improvement Program
The Superintendent has no proposed adjustments for the CIP
|
|
Recommendation:
|
The Superintendent recommends that the School Board approve the Superintendent’s adjustments to the Alexandria City Public Schools Combined Funds Budget and Capital Improvement Program Budget, as submitted.
|
|
Approvals:
|
|
Recommended By:
|
|
Signed By:
|
|
|
Dominic Turner - Chief Financial Officer
|
|
|
Signed By:
|
|
|
Dr. Gregory C. Hutchings, Jr. - Superintendent
|
|
|
|
|
|
|
|
|