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Meeting Date:
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4/9/2024 - 5:00 PM
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Category:
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BUSINESS SERVICES
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Type:
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Action
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Subject:
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9.3 Resolution No. 23-24-29, Authorize Temporary Borrowing Between Funds for the 2024-25 School Year
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Strategic Plan:
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Enclosure
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Resolution No. 23-24-29 Authorize Temporary Borrowing Between Funds of the district for the 2024-25 School Year.
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File Attachment:
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Summary:
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The County Treasurer does not have authority to pay warrants on school district funds with insufficient cash balances, unless they are in receipt of an approved borrowing agreement with the district.
Therefore, the Treasurer is recommending that each school district Board adopt a resolution effective for the entire current fiscal year, and to be renewed annually thereafter, allowing intra-district loans between appropriate specifically identified funds of that district. The resolution also authorizes the Treasurer to pay warrants drawn of a fund with insufficient cash balances, providing the district's pool of funds eligible for intra-district borrowing, are cumulatively cash positive.
This resolution must be renewed annually.
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Funding:
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N/A
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Recommendation:
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It is recommended that the Governing Board of Trustees approve and adopt Resolution No. 23-24-29 Authorize Temporary Borrowing Between Funds of the District for the 2024-25 School Year.
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Approvals:
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Recommended By:
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Signed By:
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Robin Schreiner - Senior Director, Business Services
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Signed By:
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Marc Lacey - Assistant Superintendent, Administrative Services
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Signed By:
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Jesse M. Najera - Superintendent
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Vote Results:
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| Original Motion | | Member Mark Staggs Moved, Member Brian Boatwright seconded to approve the Original motion 'It is recommended that the Governing Board of Trustees approve and adopt Resolution No. 23-24-29 Authorize Temporary Borrowing Between Funds of the District for the 2024-25 School Year.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 0. | | The motion Carried 4 - 0 |
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