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Meeting Date:
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3/16/2022 - 3:30 PM
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Category:
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Action Items
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Type:
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Action
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Subject:
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14.5 BUSINESS: Resolution No. 20:21-22 - Resolution for Establishing Fund 40, Special Reserve Fund for Capital Outlay Projects (no fiscal impact)
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Strategic Plan:
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Enclosure
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File Attachment:
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Summary:
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Pursuant to Education Code Section 42840, the Governing Board of a school district may establish a restricted capital project fund to be known as the “Fund 40, Special Reserve Fund for Capital Outlay Projects.” This fund exists primarily to provide for the accumulation of general fund moneys for capital outlay purposes and may also be used to account for any other revenues specifically for capital projects that are not restricted to fund 21, 25, 30, 35, or 49.
Business Services is recommending the establishment of Fund 40 to account for the restricted Community Redevelopment Funds that are currently held within Fund 06, Restricted General Fund. These funds are restricted to facility-related expenses and are therefore more appropriately accounted for in Fund 40. Further, while the ending balance in this account is restricted and thus not calculated as part of the reserve cap that has been triggered for 2022-23, removing facilities funds from Fund 06 will reduce the perception of an elevated overall combined general fund ending balance.
The Riverside County Office of Education (RCOE) requires the attached Resolution of the Board of Trustees to open this fund with the County Treasurer.
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Funding:
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No fiscal impact.
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Recommendation:
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It is recommended that the Board of Trustees adopt Resolution No. 20:21-22 - Resolution for Establishing Fund 40, Special Reserve Fund for Capital Outlay Projects.
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Approvals:
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Recommended By:
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Signed By:
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Alisha Underwood - Director of Fiscal Services
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Signed By:
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Candace Reines - Deputy Superintendent
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Signed By:
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Grant Bennett - Superintendent
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Vote Results:
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| Original Motion | | Member Dr. Randall Freeman Moved, Member Elizabeth Vallejo seconded to approve the Original motion 'It is recommended that the Board of Trustees adopt Resolution No. 20:21-22 - Resolution for Establishing Fund 40, Special Reserve Fund for Capital Outlay Projects.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Dr. Randall Freeman | Yes | | Anthony T. Stafford, Sr. | Yes | | Dr. Jose Luis Araux | Yes | | David Nelissen | Yes | | Elizabeth Vallejo | Yes | |
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