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Meeting Date:
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5/18/2023 - 7:00 PM
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Category:
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Discussion Topics
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Type:
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Info
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Subject:
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Add/Delete Work Session #1
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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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According to the FY 2024 Rules of Engagement, Add/Delete items receiving “a minimum of two co-sponsors [are] to be considered with the Superintendent’s recommended adjustments.” No requests were submitted. Below are the Superintendent’s recommended adjustments to the Approved Budget.
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Background:
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FY 2024 Combined Funds Budget
The City of Alexandria, which is the largest revenue source to ACPS, voted to fully support the ACPS request for City appropriation at approximately $258.7 million. The City’s appropriation was adopted by the City Council on May 3, 2023.
Final state revenue is still being decided at the state level. However, our current budget projects this revenue based on currently available information. Upon finalization of the state’s budget, depending on the scope of any changes, ACPS staff will determine the next appropriate stage to reflect such changes.
To support our capital project needs, included in the Superintendent’s adjustments is a Use of Fund Balance totaling $1.97 million. This amount is the portion exceeding the 5% (of total expenditures) maximum that, according to policy, shall be 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 2024-2033 Capital Improvement Program
Based on changes to the City of Alexandria’s Approved Budget, the Superintendent proposes a few adjustments to the CIP, which result in a $7.5 million reduction from the School Board's approved FY 2024-2033 CIP Budget. The total adjusted FY 2024 CIP budget is now $51,255,900 which matches the City Council’s Approved CIP Budget. The total adjusted FY 2024-2033 CIP Budget is $460,763,500, exceeding the City Council’s approved budget of $367,163,100.
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Recommendation:
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The Interim Superintendent recommends that the School Board review the Superintendent’s adjustments to the Alexandria City Public Schools Combined Funds Budget and Capital Improvement Program Budget.
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Approvals:
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Recommended By:
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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. Melanie Kay-Wyatt - Interim Superintendent
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