PUBLIC HEARING AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

Raymond E.  Graham, Vice-Chairman, Cedar Run District Supervisor

January 20, 2004

Staff Lead:

Department: 

Bryan Tippie, Director

Budget Office

Topic: 

A Resolution to Appropriate $2,375,084 from the County General Fund Balance to the School Construction Reserve for a New High School

 

Topic Description:

On November 10, 2003, the School Board adopted a resolution which requested the Fauquier County Board of Supervisors to dedicate cash funds, on a dollar for dollar match, up to $5.5 million by FY 2007 for a new high school. The School Board is seeking to identify $11 million ($5.5 million Schools, $5.5 million County) to mitigate the total estimated cost of $44.7 million. To date, the School Board has reserved $2,375,084 toward this goal.

 

After reviewing this request, the County Finance Committee recommended that the Board of Supervisors match the current amount reserved by the School Board of $2,375,084 from General Fund, Fund Balance. These funds would be taken from that amount in excess of the recently established Fund Balance 10% goal.  General Fund, Fund Balance status is shown on the attached document.

 

The Finance Committee also recommended that any further designation of County matching funds be considered at the end of each fiscal year based upon the School Board’s efforts to increase its funding to meet this goal.

 

At its December 18, 2003 meeting, the Finance Committee again reviewed this issue and recommended that the funding be appropriated directly to the new high school account in the Capital Fund. The attached resolution has been amended accordingly.

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

 

Financial Impacts Analysis:

As reflected above and shown on the Fund Balance status sheet provided.

Identify any other Departments, Organizations or Individuals that would be affected by this request:

 

School Division, General County Government

 

 

 

RESOLUTION

 

A RESOLUTION TO APPROPRIATE $2,375,084 FROM THE COUNTY GENERAL FUND BALANCE TO THE CAPITAL FUND FOR A NEW HIGH SCHOOL

 

WHEREAS, the School Board is to be highly commended for its diligence in working with concerned citizens in addressing facility options for the growing secondary student population and in its decision to build a new high school; and

 

WHEREAS, as an element of that decision, the School Board established a goal of reserving $11 million in cash by FY 2007 to mitigate the borrowing needed to build a new high school; and

 

WHEREAS, the School Board has requested the Board of Supervisors dedicate cash funds, dollar for dollar match with the Schools, up to $5.5 million by FY 2007, to achieve this goal; and

 

WHEREAS, the School Board currently has reserved $2,375,084 toward this goal; and

 

WHEREAS, the County Finance Committee has reviewed this request and has recommended the Board of Supervisors use available General Fund, Fund Balance to match the School Board’s current funding of $2,375,084; now, therefore, be it

 

RESOLVED by the Fauquier County Board of Supervisors this 20th day of January 2004, That the Fauquier County Board of Supervisors does hereby approve the appropriation of $2,375,084 as shown in the following:

 

 

 

 

FROM

 

 

 

 

 

TO

 

 

 

Source

 

Code

 

Amount

 

Department

 

Code

 
Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund Balance

 

3-100-419000-0010

 

 

$2,375,084

 

School Division

 

4-302-94609-8215

 

 

$2,375,084

 

; and, be it

 

            RESOLVED FURTHER, That the Fauquier County Board of Supervisors will consider at least annually any further matching fund requests from the School Board based on additional funds reserved by the School Division for a new high school; and, be it

 

           RESOLVED FURTHER, That the School Board is encouraged to achieve its cash commitment at the earliest opportunity and, if possible, to exceed its cash goal in mitigating the borrowing required for the new high school; and, be it

 

          RESOLVED FINALLY, That the Board of Supervisors will seek to match whatever level of cash funding the School Division achieves for the new high school.