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Meeting Date:
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5/7/2019 - 6:30 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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8.1 Resolution No. 18-19-29, Authorize Temporary Borrowing Between Funds for 2019-20 School Year
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Strategic Plan:
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Enclosure
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Resolution No. 18-19-29 Authorize Temporary Borrowing Between Funds of the District for the 2019-20 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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I recommend the Governing Board approve Resolution No. 18-19-29 Authorize Temporary Borrowing Between Funds of the District for the 2019-20 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_2 - Director of 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 Lynn McKee Moved, Member Heather Reid seconded to approve the Original motion 'I recommend the Governing Board approve Resolution No. 18-19-29 Authorize Temporary Borrowing Between Funds of the District for the 2019-20 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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