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Meeting Date:
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2/21/2019 - 7:00 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
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Subject:
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CIP Reserve Account Quarterly Update
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ACPS 2025 Strategic Plan Goal:
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Objective 4.4 Safe and Secure Facilities ACPS will ensure that its facilities are safe and secure.
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Funding Source or Fiscal Impact (where applicable)
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CIP Reserve – Account Balance Update
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File Attachment:
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Agenda Item Summary:
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The CIP Reserve Account balance is $495,138.05. Attachment #2 outlines the account sources this current 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.
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Recommendation:
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The Superintendent recommends that the School Board review this current account balance and considers future CIP Reserve Account transactions.
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Approvals:
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Recommended By:
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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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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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