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Meeting Date:
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6/18/2024 - 6:00 PM
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Category:
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Finance and Operations
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Type:
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Action
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Subject:
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12.4 Resolution for Transfer of Current Year Surplus
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Strategic Plans:
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Priority 1.2 1.2 Adopt a sustainable fiscal strategy and operating budget that is aligned with the strategic plan and drives district priorities.
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Enclosure
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Resolution for Transfer of Current Year Surplus
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File Attachment:
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Summary:
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WHEREAS, NJSA 18A:21-2, NJSA 18A:7FG-31 and NJSA 18A:7F-41 permits a Board of Education to establish and/or deposit into certain reserve accounts at year end, and
WHEREAS, the aforementioned statutes authorized procedures, under the authority of the Commissioner of Education, which permit a board of education to transfer unanticipated excess current revenue or unexpended appropriations into reserve accounts during the month of June by board resolution, and
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Funding :
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WHEREAS, the Newark Board of Education wishes to transfer unanticipated excess current year revenue or unexpended appropriations from the general fund into a Capital Reserve account at year end, and
WHEREAS, the Newark Board of Education has determined that (an amount not to exceed) $3,000,000.00.
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Recommendation to the Board:
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NOW THEREFORE, BE IT RESOLVED, by the Newark Board of Education that it hereby authorizes the district’s School Business Administrator to make this transfer consistent with all applicable laws and regulations.
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Approvals:
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Recommended By:
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Signed By:
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Maria Arce - Coordinator of Business Services
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Signed By:
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Pablo Canela - Executive Controller
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Signed By:
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Valerie Wilson - School Business Administrator
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Signed By:
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Roger León - Superintendent
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Vote Results:
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| Original Motion | | Member Josephine Garcia Moved, Member Daniel Gonzalez seconded to approve the Original motion 'NOW THEREFORE, BE IT RESOLVED, by the Newark Board of Education that it hereby authorizes the district’s School Business Administrator to make this transfer consistent with all applicable laws and regulations.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 8 Nay: 0. | | The motion Carried 8 - 0 | | | | | Josephine Garcia | Yes | | Hasani Council | Yes | | Vereliz Santana | Yes | | Daniel Gonzalez | Yes | | Crystal Williams | Yes | | Allison K. James-Frison | Yes | | Kanileah Anderson | Yes | | Helena Vinhas | Yes | |
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