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Meeting Date:
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9/30/2021 - 5:30 PM
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Category:
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Report of the Committee on Accountability, Finance, and Personnel
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Type:
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Action
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Subject:
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11. Action on a Request to Carry Over FY21 School Deficit and Surplus Amounts
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Strategic Plan Compatibility Statement:
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Goal 3 Effective and Efficient Operations
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Attachments
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FY21 School Deficit and Surplus Amounts
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File Attachment:
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Background:
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A school leader takes the lead responsibility for spending in accordance with their school's budget. A school's overall deficit balance occurs at the end of a fiscal year when total expenditures exceed the total authorized funding amount in non-position costs. A school's overall surplus balance occurs at the end of a fiscal year when total expenditures are less than the total authorized funding amount in non-position costs. A school's spending is tracked monthly by the school leader and the administration. The administration and school leader are alerted to potential problems, and where warranted, controls to limit school spending are put in place to mitigate risk.
According to Administrative Policy 3.05, concerning school deficits or surpluses, year-end deficits or surpluses incurred shall be carried over into the next year. Surpluses have been limited to $5,000 per school except as adjusted by contract for instrumentality charter schools.
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Fiscal Impact Statement:
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Approval of the deficit carry over will result in each school will be paying back its deficit within three years. Surpluses are available to the school to use during the following year. The total deficit among schools is $266,900. About $88,967 will be paid back in the first year. $887,266 will be carried over as a surplus to be used by the school.
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Implementation and Assessment Plan
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Upon Board approval the adjustments will be made to school budgets.
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Recommendation:
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Your Committee recommends the FY21 school deficit and surplus amounts be carried over, as noted in the attachment, to FY22 and that schools with deficits from FY21 pay back the amounts within three years.
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Approvals:
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Recommended By:
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Signed By:
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Jacqueline M. Mann, Ph.D. - Board Clerk/Chief Officer
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