HomeMy WebLinkAbout17g Notice of Motion Trustee Chambers re Transfer of Funds to Capitol Reserve Fundarl
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—J
OTTAWA-CARLETON
DISTRICT SCHOOL BOARD
TO: Chair and Members DATE: 10 January 2000
of the Board
RE: Transfer of Funds to Cavital Reserve Fund
Trustee Chambers has given notice that he will move as follows at the 10 January
2000 Board meeting:
Whereas the mitigation grant for 1998 -99 is approximately $ 7.0 million more than
projected when the Board approved the 1998 -99 budget in May 1998;
Wherease the additional grant was applied against operating and capital expenditures
incurred in 1998 -99;
Wheras these expenditures were to be funded by the transfer out of the working funds
reserves;
Whereas these working funds reserves are not required for operating purposes;
Whereas for the 1999 -2000 fiscal year it is expected that an additional $ 7.0 million will
be received;
Whereas the additional grant will provide the source of revenue for the 1999 -2000
expenditures that would had been funded through the transfer from the working funds
reserve;
Whereas, needs for renovation to the Board's aging facilities and for new school
construction have been identified;
THEREFORE BE TT RESOLVED:
THAT a transfer in the amount of $ 7.0 million from the working funds to the capital
reserve funds be approved.
THAT a transfer in the amount of $ 7.0 million to the capital reserve funds be approved in
the 1999 -2000 fiscal year.
Joan Melancon
Assistant Secretary of the Board
James P. Grieve
Director of Education/
(law Secretary of the Board