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265 <br /> <br /> Ms. Daugherty stated that she did not think the capital <br />funds should be kept in a reserve by the schools and should <br />be treated~like other_capital funds for the City. Ms. <br />Daugherty added that she felt the property damage and <br />hospital funds should have a reserve. <br /> <br /> Ms. Seaman stated that she felt it was prudent <br />management for the schools to have contingency funds and <br />would prefer to study the issue of capping the reserve at a <br />percentage of the total budget. <br /> <br /> Mr. Robert Bloodgood, School Board member, stated that <br />he would favor keeping some reserve funds, but with better <br />oversight of the funds by the School Board. Mr. Bloodgood <br />added that he felt Mr. Toscano's proposal was reasonable. <br /> <br /> Ms. Mary-Susan Payne, School Board member, stated that <br />she liked the idea of keeping a percentage of the budget as a <br />reserve. <br /> <br /> Mr. A1 Elias,. School Board member, stated that he <br />thought the Low Rent Housing fund should be removed from the <br />funds included in the proposal and would support having a <br />reserve of ~400,000, with any funding above that to be split <br />50/50 between the schools and the City. <br /> <br /> Mr. Toscano stated that he felt his proposal would give <br />the School Board more flexibility than it now has with regard <br />to reserve funds. <br /> <br /> Ms. Daugherty recommended that other school systems be <br />studied with regard to how reserve funds are handled and <br />what others ~recommend~with regard to the cap. <br /> <br /> Mr. Rauzelle Smith, Chairman of the School Board, stated <br />that he did not think it was right to gainshare grant funds. <br />Mr. Smith stated that he would prefer for Council to reduce <br />the annual appropriation rather than adopt Mr. Toscano's <br />proposal. <br /> <br /> Mr. Elias stated that he would not like to see the <br />Council reduce the annual appropriation to the schools as a <br />result of the reserve funds. <br /> <br /> Ms. Seaman stated that she agreed with the proposal. <br />about the auditorium fund and would support an administrative <br />study of a cap on reserve funds. <br /> <br /> Mr. Toscano recommended that the school and City staffs <br />research other schools systems regarding 1) if they have <br />reserve funds and 2) if they have funds, is it based on a <br />percentage of the total budget. Mr. Toscano also recommended <br />that data about generally accepted financial practices for <br />reserves for school systems be collected. Mr. Toscano <br />suggested that the auditorium fund be established as there <br />appeared to be support for this portion of the proposal. <br /> <br /> Mr. Smith stated that the schools had tentatively <br />planned to reduce their budgets by the 2%, or ~400,000, as a <br />result of decreased revenues to the City, by using the <br />reserve funds and therefore a decision was needed on the <br />issue soon. <br /> <br /> Regarding the proposal schoOl board budget for fiscal <br />year 93-94, Mr. Vandever expressed alarm with the program <br />eliminations proposed as~well as the elimination of 2nd grade <br />instructional aids and other reading initiatives. <br /> <br /> ourned. <br />Pres~i~was adj ~, C~ ~' <br /> <br /> <br />