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Meeting Date:
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5/8/2024 - 7:00 PM
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Category:
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Consent Agenda Items
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Type:
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Action
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Subject:
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Designation of Interest Earnings for Fiscal Year 2023-2024
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Vision 2026:
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Operational Excellence Strategies 2 Maintain strong fiscal health of the organization.
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Background
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Pursuant to regulatory changes in the Illinois Administrative Code (23 IL. Administrative Code 100.50), effective July 1, 2008, the Illinois State Board of Education requires that “Unless otherwise provided by statute or specified by board resolution adopted prior to June 30
of a fiscal year, interest earnings shall be added to and become part of principal as of June 30 of the fiscal year.”
Therefore, in order to preserve the district’s option to transfer accrued interest from one fund to another, the Board will have to act at least once a year by doing one or both of the following:
1. Pass a resolution transferring interest; or
2. Pass a resolution designating interest accruing during the current fiscal year and all interest from prior years to still be interest going forward.
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File Attachment:
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Summary:
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Maintaining strong fiscal health is key strategy for CUSD 200. A key to strong fiscal health in CUSD 200 is fiscal flexibility. One avenue for the Board of Education is to declare, through resolution, that all interest earnings for the current fiscal year be treated as interest earnings in the next fiscal year. The resolution and in turn declaration, allows the Board of Education, to the extent permitted by law, to transfer designated interest earnings amongst funds in the future based on Board of Education budgetary goals.
This is the first time the Business Office has brought the resolution to the Board of Education for consideration, but we do expect this becomes an annual process and in time, procedural in nature. A copy of the resolution and certification of the resolution is attached.
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Funding:
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Board Policy
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4:30 Revenue and Investments
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Recommendation:
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It is recommended that the Board of Education approve the resolution designating interest accruing during the current fiscal year and all interest from prior years (where eligible) to be treated as interest going forward into the next fiscal year.
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Approvals:
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Recommended By:
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Signed By:
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Brian O'Keeffe - Asst Superintendent Business Services
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Signed By:
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Jeff Schuler - Superintendent
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Vote Results:
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| Original Motion | | Member Brad Paulsen Moved, Member John Rutledge seconded to approve the Original motion 'It is recommended that the Board of Education approve the resolution designating interest accruing during the current fiscal year and all interest from prior years (where eligible) to be treated as interest going forward into the next fiscal year.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | Brad Paulsen | Yes | | Rob Hanlon | Yes | | Dave Long | Yes | | Angela Blatner | Yes | | Julie Kulovits | Yes | | Erik Hjerpe | Yes | | John Rutledge | Yes | |
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