Governing Board A. CALL TO ORDER (5:30 p.m. ... - Chaffey College

AGENDA ITEM
Chaffey Community College District
GOVERNING BOARD
TOPIC FONTANA PARKING LOT PROJECT – FUNDING SOURCES APPROVAL
Communication No. IV.F.3.k
SUPPORTS BOARD ENDS STATEMENT/POLICY
June 26, 2008
Board Meeting Date
This action is supported by Ends Statement 8.4: Provide appropriate fiscal strategies to address growth
and other external environmental factors.
PROPOSAL
To transfer $1,022,321 from the bond program reserve and authorize use of approximately $2,737,679 of
bond interest earned for the Fontana Parking Lot Project budget.
BACKGROUND
A necessary part of the Fontana Building, Phase III Project is the construction of a parking lot. The
funding for the Fontana parking lot is not included in the Fontana Building, Phase III budget. The
estimated budget for this project is $3,760,000. It is recommended that the funding sources for this
project be the bond fund program reserve and bond fund interest earned.
BUDGET IMPLICATIONS
Funding Source – Bond fund program reserves and bond fund interest earned.
Status of Funds – Funds of $1,022,321from the bond fund program reserves will be transferred, and
$2,737,679 from bond fund interest earned will be authorized to be used for the Fontana Parking Lot
Project budget. In the 2007–2008 fiscal year, $50,000 of this will be transferred for anticipated currentyear
expenses.
Future Implications – The remaining balance of the Fontana parking lot budget will be included in the
2008–2009 adopted bond fund budget.
RECOMMENDATION
To transfer $1,022,321 from the bond fund program reserve and authorize use of approximately
$2,737,679 of bond fund interest earned for the Fontana Parking Lot Project budget.
Prepared by: Anita D. Undercoffer, Director, Budgeting Services/Disbursing Officer
Submitted by: C. Earl Davis, Vice President, Business Services
Recommended by: Henry D. Shannon, Superintendent/President
51 6/26/08 Regular Board Meeting