Agenda Item
Meeting Date: 12/5/2019 - 6:30 PM
Category: New Business and Reports to the Board
Type: Info
Subject: FY 2020 CIP Budget Reserve Update for Q1 (5 mins.)
ACPS 2020 Strategic Plan Goal:
Goal 4: Facilities and the Learning Environment
Policy: DA - Management of Funds
Funding Source or Fiscal Impact (where applicable):
File Attachment:
191205_MEMO_CIP_Budget_Reserve_Report_Q1.pdf
191205_Attachment_1_CIP_Reserve_Account_Tracker_and_Attachment_2_Funding_Sources_of_CIP_Reserve.pdf
191205_Attachment_2_CIP_Reserve_Account_Tracker_and_Attachment_2_Funding_Sources_of_CIP_Reserve_v1.pdf
Agenda Item Summary: The CIP Reserve Account balance remains unchanged at $682,609.32. Attachment #1 is the “CIP Reserve Tracker” that outlines movement in and out of the CIP reserve account. Attachment #2 is the “Funding Sources” list that shows which projects contribute to the current reserve balance.
Background: 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.
Recommendation: The Superintendent recommends that the School Board review this current account balance and considers future CIP Reserve Account transactions.
Approvals:
Recommended By:
Signed By:
Mignon Anthony - Chief Operating Officer
Signed By:
Dominic Turner - Chief Financial Officer
Signed By:
Gregory Hutchings - Superintendent