Title: Approval of Operational Fund Transfer to Assumption of Operation of Charter School of Palm Beach Cou

Recommendation:
I recommend the School Board to approve the transfer of operational funds to Assumption of Operation of Charter School of Palm Beach County, Inc. in the amount of $398,361 and authorize the Superintendent and the Board Chair to sign all documents pertinent to the transaction.

Description: The funds are needed to cover the payrol, payroll taxes, retirement contributions to FRS, and vendors for Survivors Charter School of West Palm Beach and Survivors of  Boynton Beach Schools.  It also covers the payoff for sick leave and annual leave accumulated, honoring the employees' contracts.

Financial Impact:
The financial impact for the school district is $398,361.

For Additional Information, contact:

Joseph M. Moore, (moorej@palmbeach.k12.fl.us)

Martin V. Arroyo (arroyom@palmbeach.k12.fl.us)

Attachments (list):
Survivors Cash Flow Report 7.17.06.xls
Q&ASurv.doc
bb 7-31-06 payroll.xls