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Meeting Date:
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5/8/2025 - 4:30 PM
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Category:
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BUSINESS SERVICES - ACTION ITEMS
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Type:
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Action
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Subject:
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9.9 Resolution No. 28 - 2024/2025 Temporary Loan Between Funds for the 2025/2026 Fiscal Year.
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Strategic Plans:
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Enclosure
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File Attachment:
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Rationale:
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Resolution No 28 - 2024/2025 Temporary Loan Between Funds will serve as the consent of the Governing Board to make the necessary transfer of funds between accounts of the district, as needed. The transfer shall be accounted for as temporary borrowing between funds and shall not be available for appropriation or be considered income to the borrowing fund or account.
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Funding:
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Fiscal Impact
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Background
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According to Education Code Section 42603, the Governing Board may direct monies held in any fund or account to be temporarily transferred to another fund or account of the district for payment of obligations.
Funds borrowed shall be repaid in accordance with the provisions of Section 42603 of the State Education Code either before the end of the fiscal year or in the following fiscal year if the transfer takes place within the final 120 calendar days of a fiscal year.
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Recommendation:
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Adopt Resolution No. 28 - 2024/2025 Temporary Loan Between Funds for the 2025/2026 Fiscal Year.
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Approvals:
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Recommended By:
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Signed By:
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Francine Story - CBO
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Signed By:
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Bruce Bivins - Superintendent
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Vote Results:
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| Original Motion | | Member Lydia Mora Moved, Member Katie McClendon seconded to approve the Original motion 'Adopt Resolution No. 28 - 2024/2025 Temporary Loan Between Funds for the 2025/2026 Fiscal Year.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Douglas Corona | Yes | | Erika Guzman Medina | Yes | | Carol Jimenez | Yes | | Lydia Mora | Yes | | Katie McClendon | Yes | |
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