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Meeting Date:
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5/28/2024 - 5:00 PM
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Category:
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Adoption of Consent Agenda
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Type:
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Action
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Subject:
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Legacy Campus Floor Replacement from Water Damage Contingency Request and Overall Contingency Use Update
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End Statements:
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End Statement V Financial Well-Being Financial Well-Being
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Enclosure
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Attachment #1: Contingency Summary 2023-2024 version for 5.28 BOE
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File Attachment:
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Summary :
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Brief Summary: Pursuant to Board of Education policy DB, Annual Budget, any time moneys are to be expended from the general fund contingency, such monies cannot be expended absent Board approval unless any single expenditure from the general fund contingency is less than $500,000. Additionally, at such time that the total amount of expenditures from the general fund contingency within the fiscal year totals more than half the amount of the originally appropriated contingency (0.5% of total general fund budget) staff shall provide an update containing information on the year-to-date expenditures from the contingency to the Board at the next Board meeting. At such time that this threshold has been crossed, staff will continue to update the Board for each additional $500,000 spent from contingency throughout the remainder of the fiscal year.
Board approval is required for Legacy Campus floor replacement as the request exceeds $500,000. Approval of contingency funding is needed to support the cost of repair and replacement flooring above and beyond the amount insurance will provide from water damage due to burst pipes during a hard freeze this winter.
In addition, since the last update to the Board of Education on the use of contingency in January 2024 due to crossing the threshold of uses totaling more than half the original contingency amount, other uses as outlined in the attachment sum to greater than $500,000 although no other single expenditures exceeded $500,000.
The total contingency funding request for the Legacy Campus floor replacement for 2023-2024 is $800,000 and the total use of contingency to date in 2023-2024 is $6,039,513. There is a remaining balance of $787,487 or 12% of the original allocation in the contingency account as of May 28, 2024.
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Funding:
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Recommendation:
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That the Board of Education approve the Legacy Campus floor replacement contingency use and total contingency spend under Adoption of Consent Agenda.
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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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Erin Kane - Superintendent
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Vote Results:
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| Original Motion | | Member Tim Moore Moved, Member Kaylee Winegar seconded to approve the Original motion 'That the Board of Education approve the Legacy Campus floor replacement contingency use and total contingency spend 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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