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Chair Jacobs asked about the fund balance {yellow sheet} and verified that OCS has a 15.17°~ <br />fund balance. He also verified that middle school #3 would be scheduled to open in the fall of <br />2006. <br />Chair Jacobs said that they could cut the fund balance by a third, and even with the state <br />reductions, they could still have $500,000 to put toward the shortfall and have almost 95% of <br />what they requested. Shirley Carraway said that the board could use any or all portions of the <br />fund balance, but they would like to reserve as much as they can for the new middle school. <br />They also have a commitment to their two existing middle schools to bring them up to the <br />standard of the new middle school. <br />Chair Jacobs said that he will say what he said to Neil Pedersen, and he would encourage them <br />to look at the fund balance. <br />Commissioner Gordon asked far an explanation of the 2.7°~ fund balance policy and Ken <br />Chavious said that this is strictly related to cash flow because there is no district tax. <br />Commissioner Gordon asked if it really were 2.7°~, how much money would they "have <br />available" and Ken Chavious said $500,000 would be 2.7°rb of the expenditures. The policy <br />says that they have to keep $500,000. <br />Commissioner Halkiotis said that the County Commissioners have been telling school boards <br />for years to maintain their fund balances, with the anticipation of a major cataclysmic event. <br />This has not happened, and they may need to revisit this. <br />Ken Chavious said that it was in their plans to look at this issue but the CHCCS and the OCS <br />finance officers both left, and they have not had a chance to do this. <br />Commissioner Brown said that she would be interested in seeing from the CHCCS a graph on <br />the student achievement and SAT scores. <br />Chair Jacobs asked for a chart with the percent of the County budget adopted for schools and <br />actually expended for schools. Also, he would like to see the percent of total funding per pupil <br />for students that came from the state far 10 years. <br />A motion was made by Commissioner Halkiotis, seconded by Commissioner Brown to adjourn <br />the meeting at 10:00 p.m. <br />VOTE: UNANIMOUS <br />Barry Jacobs, Chair <br />Donna S. Baker <br />Clerk to the Board <br />