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Meeting Date:
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Category:
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Adoption of Consent Agenda |
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Type:
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Subject:
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Resolution Regarding Transferring Unassigned Fund Balance to a Committed Fund and Appropriating Such Funds for Purposes of Addressing Critical Capital Needs |
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End Statements:
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Enclosure:
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Attachment #1: Resolution Transferring and Appropriating Unassigned Funds for Immediate and Urgent Capital Needs-v1 |
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File Attachment:
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Summary :
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The District’s Board of Education has the authority to transfer unencumbered funds from one fund to another in accordance with C.R.S. § 22-44-112. The failure of voters to approve bond questions in November 2022 and November 2023 to increase the District’s indebtedness in order to address capital improvement needs has resulted in the District’s inability to have sufficient funds to address immediate, urgent and critical capital needs to maintain the buildings of the District. The Superintendent will advise the Board that the District has over $20 million in identified immediate, urgent, and critical capital needs. The District has adequate unassigned fund balance to address the District’s immediate, urgent, and critical capital needs in an amount of $20 million dollars. Should the Board approve a transfer and appropriation of $20 million dollars to address the District’s immediate, urgent and critical capital needs, there would remain sufficient working capital and a margin of safety to address future unexpected critical needs without borrowing. |
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Funding:
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Recommendation
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That $20,000,000 be appropriated from the District’s unassigned fund balance to a committed fund balance for the purpose of addressing the immediate, urgent, and critical capital needs of the District consistent with the needs presented by the Superintendent at the February 27, 2024 meeting of the Board of Education. |
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Approvals:
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Recommended By: |
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Signed By: |
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Jana Schleusner - Chief Financial Officer |
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Signed By: |
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Mary Kay Klimesh - General Counsel |
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Signed By: |
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Erin Kane - Superintendent |
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Vote Results:
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| Original Motion | | Member Tim Moore Moved, Member Becky Myers seconded to approve the Original motion 'That the Board of Education approve the Resolution Transferring and Appropriating Unassigned Funds for Immediate and Urgent Capital Needs under Adoption of Consent Agenda.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion CARRIED 7 - 0 | | | | | Susan Meek | Yes | | Becky Myers | Yes | | Kaylee Winegar | Yes | | Christy Williams | Yes | | Brad Geiger | Yes | | Valerie Thompson | Yes | | Tim Moore | Yes | |
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