Review Agenda Item
Meeting Date: 9/7/2021 - 5:30 PM
Category: Items pulled from Consent Calendar
Type: Action
Subject: 11.1 Approval of Resolution #21-22:02, Authorization for Temporary Borrowing Between Funds
Strategic Goals:
3. Fiscal Responsibility
We manage our fiscal resources responsibly and align budget decisions with district goals and priorities.
Policy:
Enclosure
File Attachment:
Resolutions #21-22 02 Authorization for Temporary Borrowing Between Funds.pdf
Rationale: Approval of this resolution will authorize inter-fund borrowing up to $10,000,000.00 as needed during the 2021-22 fiscal year to mitigate cash flow issues that may result from revenue received by the District due to available funds we are allowed to borrow from and their respective balances are as follows:

Fund 14.0 Deferred Maintenance Fund $2,500,000
Fund 25.0 Capital Facilities Fund $1,000,000
Fund 67.0 Self-Insurance Fund $6,500,000
Budgetary Impact:
Recommendation: It is recommended the Board of Education approve Resolution #21-22:02, Authorization for Temporary Borrowing Between Funds.
Approvals:
Recommended By:
Signed By:
Melissa Vera - Secretary to Asst. Superintendent, Business Services
Signed By:
Latasha Jamal - Assistant Superintendent, Business Services
Signed By:
Arturo Ortega - Superintendent
Vote Results:

Original Motion
Member Yolanda Rodriguez-Peña Moved, Member Xilonin Cruz-Gonzalez seconded to approve the Original motion 'It is recommended the Board of Education approve Resolution #21-22:02, Authorization for Temporary Borrowing Between Funds.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 0.
The motion Carried 4 - 0
   
Xilonin Cruz-Gonzalez     Yes
Yolanda Rodriguez-Peña     Yes
Adrian Greer     Yes
Sabrina Bow, Ed.D.     Yes