Review Agenda Item
Meeting Date: 6/18/2024 - 6:00 PM
Category: Finance and Operations
Type: Action
Subject: 12.4 Resolution for Transfer of Current Year Surplus
Strategic Plans:
Priority 1.2
1.2 Adopt a sustainable fiscal strategy and operating budget that is aligned with the strategic plan and drives district priorities.
Enclosure Resolution for Transfer of Current Year Surplus
File Attachment:
Summary: 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
Funding : 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.
Recommendation to the Board: 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.
Approvals:
Recommended By:
Signed By:
Maria Arce - Coordinator of Business Services
Signed By:
Pablo Canela - Executive Controller
Signed By:
Valerie Wilson - School Business Administrator
Signed By:
Roger León - Superintendent
Vote Results:

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