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ARF- 5934

Regular Agenda Item 3. B.

Special BOS Meeting

Meeting Date:	02/25/2020
Submitted For:	James Menlove	Submitted By:	James Menlove, County Manager
Department:	County Manager
Fiscal Year:	FY 2020-21	Budgeted?:	No
Contract Dates Begin & End:	School Year 2020-2021	Grant?:	No
Matching Requirement?:	No	Fund?:	New

Information

Request/Subject

The Young Public School District #5 (YPSD) has projected a shortfall in funding of approximately $200,000 for the 2020-2021 school year. The YPSD has had a discussion regarding this issue with Walter Blackman, AZ Representative LD6; Kathy Hoffman, Arizona Superintendent of Public Instruction; Roy Sandoval, Gila County Superintendent of Schools; and Woody Cline, Gila County BOS Supervisor District III, to find a permanent solution to declining revenues.

Background Information

The YPSD has projected a shortfall in funding of approximately $200,000 for the 2020-2021 school year. The YPSD has had a discussion regarding this issue with Walter Blackman, AZ Representative LD6; Kathy Hoffman, Arizona Superintendent of Public Instruction; Roy Sandoval, Gila County Superintendent of Schools; and Woody Cline, Gila County BOS Supervisor District III; to find a permanent solution to declining revenues. The YPSD has asked if Gila County can be involved in a short-term solution.

Evaluation

In accordance with the Arizona Constitution Article IX § 7, Arizona Revised Statutes § 35-301 and other laws, the County cannot loan money to other entities.

In accordance with A.R.S §35-323(A), "The treasurer shall invest and reinvest public monies in securities and deposits with a maximum of five years. All public monies shall be invested in eligible investments..." In accordance with A.R.S §35-323(A)(7), "Bonds, notes or other evidences of indebtedness of this state or any of its counties, incorporated cities or towns, school districts or special taxing districts..."

Conclusion

The Gila County Board of Supervisors and the Gila County Treasurer may invest in legal bonds, notes or other evidences of indebtedness of Arizona school districts.

Recommendation

Discussion only.

Suggested Motion

Information/Discussion regarding a projected shortfall in funding for the Young Public School District and a possible short-term solution. (James Menlove)

Attachments
A.R.S. 35-323