Agenda Item
Meeting Date:
6/28/2023 - 6:00 PM  
Category:
Business/Action Items  
Type:
Action  
Subject:
18.4 Public Hearing for Senate Bill 858: Excess of Minimum Reserve Requirements  
LCAP (Local Control Accountability Plan) Goal:
Goal 1:
All students will receive a high quality education in a safe and welcoming environment with equitable and high expectations, access to technology, and instruction in the California State Standards that prepare them for college and career.
 
Policy:
 
Enclosure:
2022-23 Statement of Reasons for Excess Reserves File Attachment:  
File Attachment:
Statement Balances in Excess of Minimum Reserves Requirements.pdf
 
Summary:
Senate Bill (SB) 858 (Chapter 32/2014) requires that school districts hold a public hearing to provide information on the amount in the unrestricted General Fund expenditures and other financing uses. The district is committed to maintain a prudent level of financial resources to protect against the need to reduce service levels because of temporary revenue shortfalls of unpredictable expenditures and to maintain a high bond rating. The statement for assigned and unassigned ending fund balances above the state required minimum level is attached.  
Funding:
N/A  
Fiscal Impact:
 
Recommendation
Hold a Public Hearing for Senate Bill (SB) 858, Chapter 32/2014, Balances in Excess of Minimum Reserve Requirements and move to approve as presented.  
Approvals:
Recommended By:
Signed By:
Anastasia Carter - Administrative Assistant - Fiscal Services
Signed By:  
Nancy Chen - Chief Accountant
Signed By:  
Dr. Adam Clark - Superintendent
 
Vote Results:

Original Motion
Member Debra Mason Moved, Member Linda Mayo seconded to approve the Original motion 'Hold a Public Hearing for Senate Bill (SB) 858, Chapter 32/2014, Balances in Excess of Minimum Reserve Requirements and move to approve as presented.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 0.
The motion CARRIED 4 - 0
   
Linda Mayo     Yes
Debra Mason     Yes
Keisha Nzewi     Yes
Erin McFerrin     Yes