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Board approves $912,492 capital contingency transfer to start Doherty field house phase
Summary
Board approved a capital fund contingency transfer of $912,492 to support the next funded phase of the Doherty High School athletic field house project; administration clarified donated funds are received into the capital budget and allocated to the project.
The Board of Education approved a capital fund contingency transfer of $912,492 on April 30 to support the next phase of the Doherty High School athletic field house project.
Director Jorgensen moved approval of the transfer to support the project; the board voted to approve the amount. District finance staff explained that, although the project is paid by a private donor, accepted accounting practice requires donated funds be received into the district’s capital budget and then allocated through a contingency transfer for project accounting. Assistant Superintendent (or finance representative) Comfort told the board the district will allocate contingency funds as donor receipts are received.
The board approved the transfer after staff said the $912,492 represents the portion of gifted funds available now and that future donor receipts will be allocated to later phases of the contract.
