To:

Members, Board of Education

From:

Terry B. Grier, Ed.D.

Date:

December 1, 2006

RE:

Cash Management Plan

Pursuant to North Carolina General Statute 147-86.10, the Office of the State Controller (OSC) has reviewed and approved the district’s revised Cash Management Plan. A copy of the revised plan and an October 27, 2006 memo from State Controller Robert L. Powell acknowledging that the revised plan meets the criteria established by the existing statewide cash management plan is attached.

Note that the Powell memo also indicates that our Delegation of Disbursing Authority has been approved. Under North Carolina General Statute 143-3.2 (a) the OSC has elected to delegate disbursing responsibility to state agencies, universities, community colleges and local educational units. The terms of the election are outlined in the Delegation of Disbursing Authority. The Delegation of Disbursing Authority is an agreement between OSC and entity management setting forth the terms and conditions of delegation. The Powell memo includes a copy of the approved Delegation of Disbursing Authority.

We have also attached copies of the following documents for information and/or reference purposes:

1. the district’s previous Cash Management Plan (as approved by the OSC on October 15, 2001 and the Guilford County Board of Education on November 13, 2001);
2. the OSC Cash Management Plan Review Checklist (LEA);
3. the State of North Carolina Cash Management Plan Tutorial Copy; and
4. the State of North Carolina Cash Management Plan.

RECOMMENDATION: I recommend Board approval of the revised Guilford County Schools’ Cash Management Plan.

Attachment #1 - Letter from Robert Powell
Attachment #2 - Cash Management Plan
Attachment #3 - Checklist
Attachment #4 - Tutorial
Attachment #5 - Cash Management Plan