Agenda Item
Meeting Date: 6/23/2020 - 7:00 PM
Category: CONSENT ITEMS - RESOLUTIONS
Type: Action
Subject: 12.4 Resolution No. 115-19/20, Temporary Borrowing Between Funds for Fiscal Year 2020-2021
:
Attachment Summary:
File Attachment:
Resolution #115-1920 Temporary Borrowing Between Funds.docx.pdf
Quick Summary / Abstract:
Background: State funding flows to our District at different times of the year based on statutory timelines and formulas, which may result in short term cash shortages in the General Fund. Also with the Governor's May Budget Revision, apportionment deferrals will cause cash shortages. We will closely monitor our cash flow conditions and will take action to borrow from other funds if necessary.
Status Education Code 42603 requires the Livermore Valley Joint Unified School District (LVJUSD) to have a resolution in place before any borrowing can take place between funds.
Fiscal Impact There is no long-term impact to the General Fund. These temporary transfers ensure fiscal solvency and the ability to meet financial obligations.
Superintendent's Recommendation: Adoption, by roll call vote, of Resolution No. 115-19/20, Temporary Borrowing Between Funds for the Fiscal Year 2020-2021.
Approvals:
Recommended By:
Signed By:
Jodi Robison - Executive Assistant
Signed By:
Susan Kinder - Assistant Superintendent
Signed By:
Kelly Bowers, Ed.D. - Superintendent
Vote Results:

Original Motion
Member Chuck Rogge Moved, Member Emily Prusso seconded to approve the Original motion 'Adoption, by roll call vote, of Resolution No. 115-19/20, Temporary Borrowing Between Funds for the Fiscal Year 2020-2021.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0.
The motion Carried 5 - 0
   
Craig Bueno     Yes
Chuck Rogge     Yes
Chris Wenzel     Yes
Anne White     Yes
Emily Prusso     Yes