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Meeting Date:
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8/21/2024 - 6:00 PM
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Category:
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FINANCE AND MANAGEMENT SERVICES
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Type:
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Action
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Subject:
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10.3 Approval of Yonkers Joint School Construction Board audit and other contractual expense.
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District Goals:
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Enclosure
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File Attachment:
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Rationale:
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YJSCB Contracted expense approval amount not to exceed $37,000.
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Funding:
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450.5303.100000.1320.B2300
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Resolution:
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WHEREAS In June 2016, the New York State Legislature established the Yonkers City School District Joint School Construction (YJSCB) and Modernization Act. The purpose of the legislation was to provide the City of Yonkers and the Yonkers City School District with increased flexibility to meet the needs of their schoolchildren by providing alternative financing mechanisms for financing of new school facilities and the modernization of existing buildings. The YJSCB Phase IA is the modernization of the former St. Denis property to the Sonia Sotomayor Community School. The YJSCB is considered a blended component unit of the Yonkers Public School district and is included in the Yonkers Public school financial statements for the year ending June 30, 2024; and
WHEREAS, Resolution 2024/2025 Yonkers City School District Adopted Budget was approved on June 18, 2024 which included YJSCB expenditure funding of $37,000; and
WHEREAS; the fee for audit work is $22,500 performed by PKF O’Connor Davies, $3,500 Capital Market Advisors, LLC for continuing disclosure, and banking and miscellaneous fees of $11,000; and
NOW THEREFORE BE IT RESOLVED: That the Board of Education hereby authorizes the approval of the YJSCB contractual expenses not to exceed $37,000 for the school year ending June 30, 2025.
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Approvals:
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Recommended By:
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Signed By:
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Maria Tavares - Director of Accounting
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Signed By:
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Elizabeth Janocha - Deputy Commissioner
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Signed By:
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Finance Department - Finance Reviewer
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Signed By:
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John Liszewski - Commissioner
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Signed By:
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Matthew Gallagher - Corporation Counsel
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Signed By:
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Anibal Soler, Jr. - Superintendent of Schools
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Vote Results:
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| Original Motion | Member Kevin Cacace Moved, Member Lawrence Sykes seconded to approve the Original motion 'WHEREAS In June 2016, the New York State Legislature established the Yonkers City School District Joint School Construction (YJSCB) and Modernization Act. The purpose of the legislation was to provide the City of Yonkers and the Yonkers City School District with increased flexibility to meet the needs of their schoolchildren by providing alternative financing mechanisms for financing of new school facilities and the modernization of existing buildings. The YJSCB Phase IA is the modernization of the former St. Denis property to the Sonia Sotomayor Community School. The YJSCB is considered a blended component unit of the Yonkers Public School district and is included in the Yonkers Public school financial statements for the year ending June 30, 2024; and
WHEREAS, Resolution 2024/2025 Yonkers City School District Adopted Budget was approved on June 18, 2024 which included YJSCB expenditure funding of $37,000; and
WHEREAS; the fee for audit work is $22,500 performed by PKF O’Connor Davies, $3,500 Capital Market Advisors, LLC for continuing disclosure, and banking and miscellaneous fees of $11,000; and
NOW THEREFORE BE IT RESOLVED: That the Board of Education hereby authorizes the approval of the YJSCB contractual expenses not to exceed $37,000 for the school year ending June 30, 2025.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 8 Nay: 0. | | The motion Carried 8 - 0 | | | | | Kevin Cacace | Yes | | Dr. Rosalba Corrado Del Vecchio | Yes | | Dr. John Castanaro | Yes | | Rosemarie Linton | Yes | | Gail Burns | Yes | | Sheila Greenwald | Yes | | Lawrence Sykes | Yes | | Felix Rios | Yes | |
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