| WHAT (the board is asked to discuss, receive, approve, or adopt) |
The Governing Board is asked to approve Resolution No. 23-24-021: Committing Funds.
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| WHY (briefly explain why the action or discussion is important; and if applicable, how it is connected to site, district, or strategic plans) |
Existing law imposes a 10% cap on the amount local school districts can maintain in their reserves in the year succeeding the fiscal year in which the education rainy day fund deposit is at least 3% of K-12 Proposition 98 funding - a condition that was met with the 2022-23 deposit amount, triggering the local reserve cap for the 2023-24 fiscal year. As a result, the District needs to take action to comply with the law as part of the 2023-24 First Interim process.
[Resolution will be added upon receipt of reports.] |
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STRATEGIC PLAN/PRIORITY AREA:
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Applied to the "Fiscal Integrity of the District" portion of the Strategic Plan
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HISTORY (list previous staff or board action(s) with dates if possible) |
The Board was apprised of the requirement to meet the 10% reserve cap as part of the LCFF and Other Revenues Comparison, presented at the June 2, 2022 meeting.
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| HOW MUCH(list the revenue amount $ and/or the expense amount $) |
Total funds committed: $18,774,420
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| WHO(list the name of the contact person(s), job title, and site location) |
| Paul Ziegler, Assistant Superintendent of Business Services |