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Open Meeting Minutes Page 6<br />
Finance<br />
In the absence of Committee Chair Katherine Coyle, Sue Yoder provided the Finance<br />
Committee report and noted that the action items are consistent with normal business<br />
matters for this time of the fiscal year.<br />
Ms. Yoder moved to approve Resolution 2012-04 which formalizes the transfer of<br />
interest earned in the 2011-12 budget and provide authorization to the administration to<br />
move the interest earned in the working cash fund to the operating funds.<br />
Resolution 2004-04: Transfer of Working Cash Fund Interest<br />
WHEREAS, the monies available in the Working Cash Fund have<br />
earned interest from periodic investments throughout the year,<br />
AND WHEREAS, the Board of Trustees has deemed it to be in the<br />
best interest of the College to transfer these earnings to the operating<br />
funds for use in meeting current obligations,<br />
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF<br />
TRUSTEES OF COMMUNITY <strong>COLLEGE</strong> DISTRICT NO. 514 that all<br />
interest earnings received and accrued as of June 30, 2012, be<br />
transferred to the Educational Fund of the District.<br />
ADOPTED AND APPROVED THIS 21st DAY OF JUNE, 2012.<br />
Mr. LaHood asked for a roll call vote to approve Resolution 2012-04, and the following<br />
Trustees responded “Aye”: Don Brennan, Dr. Robert Ehrich, David LaHood, James<br />
Polk, Sue Yoder, and Student Trustee Trevor Mileur (advisory vote). “Nay”: None.<br />
Absent: Katherine Coyle and Tim Elder. The motion passed.<br />
Ms. Yoder stated that the Board is being asked to approve Resolution 2012-05 for an<br />
interfund transfer and asked Bruce Budde, Treasurer and Executive Vice President for<br />
Administration and Finance, to provide further explanation. Mr. Budde advised that this<br />
is consistent with past practice and allows for a transfer of $1 million to the operations<br />
and maintenance fund-restricted. The transfer will provide funding to renovate Poplar<br />
Hall on the ICC North Campus.<br />
Ms. Yoder made a motion from the Finance Committee to approve Resolution 2012-05<br />
as presented authorizing administration to make an interfund transfer in the amount of<br />
$1 million to the operations and maintenance fund-restricted.
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