Adopt A Class announced Covington Partners as this year's 2019-2020 Community Group Adopter of the Year Award winner. 

The personnel actions listed on the exhibit have taken place since the board meeting of May 28, 2020.

Under KRS 158.115:  A County may opt to provide transportation for all students within its jurisdiction by means of contracting with the local public school district.  For Covington students, the Fiscal Court has to contract with our District because Kenton County School District cannot transport within our boundaries.  Under this contract, Covington Schools merely provides the transportation, if needed, and then Kenton County Fiscal Court reimburses the District the costs from its general funds.

Budget Narrative for May FY2020 monthly financial statement:

1. General fund (fund 1) – as of 5/31/20, revenue received of 40.5 million with expenses of 30.8 million. 

2. Special revenue (fund 2) – as of 5/31/20, revenue received of 7.4 million with expenses of 7.2 million.  Many grants in fund 2 are on a reimbursement basis.  Money is requested after the expenses have occurred.  There is a delay on receiving fund 2 revenue. 

3. Capital outlay (fund 310) - as of 5/31/20, revenue received of $325,685 with expenses of $325,685.  The state does not provide all the capital outlay funding until the end of the fiscal year.  This fund is used to pay the district’s bond payments.  Bond payments occur throughout the whole fiscal year under fund 400 (new for FY’13 per KDE).  Money will be transferred out of capital outlay into the debt service fund throughout the fiscal year. 

4. Building fund (fund 320) - as of 5/31/20, revenue received of 1.1 million with expenses of $392,000.  This fund is used to pay the district’s bond payments.  Bond payments occur throughout the whole fiscal year under fund 400 (new for FY’13 per KDE).  Money will be transferred out of building fund into the debt service fund throughout the fiscal year. 

5. Construction fund (fund 360) - as of 5/31/20, revenue received of $1,092,000 with expenses of $1,042,000.  This fund is used to pay for the district’s construction projects. 

6. Debt Service fund (fund 400) – as of 5/31/20, revenue received of 1 million with expenses of 1 million.  See detailed explanation under capital outlay and building fund.

7. Daycare fund (originally fund 50 – switched to fund 52 per KDE) – as of 5/31/20, revenue received of $395,000 with expenses of $299,000.  Revenue comes in throughout the fiscal year.

8. Food service fund (fund 51) – as of 5/31/20, revenue received of 3.7 million with expenses of 2.5 million. 

   Completed 6/1/20 by Annette Burtschy

Pursuant to Policy 04.3111, the treasurer shall prepare warrants or “Orders of the Treasurer” to be acted upon at each regular Board meeting. The Board shall give subsequent approval to all budgeted disbursements made between meetings of the Board. Disbursements shall only be made on invoices for purchases made in accordance with District policy and procedures.

Each local board of education is encouraged to approve the Indirect Cost Rates prior to July 1, the start of the federal fiscal year (in previous years it was October 1).  If the decision is not to approve the Indirect Cost Rate by July 1, then the district cannot apply the rate at a later time during the fiscal year.  If a board adopts the Indirect Cost Rates they are not obligated to apply the rates.  The method by which they are calculated is through each school district’s Annual Financial Report submitted to KDE.  The Non-Restricted Indirect Cost Rate is used for Food Service and that rate is 15.93% and the Restricted Indirect Cost Rate that is used for Grants is 3.91%.

Each year the district has to take out a fidelity performance bond for the Finance Director since that position deals with the finances/money of the school district.  KDE determines the amount of the bond for each school district.  The amount of the bond for the Finance Director for Covington Independent Public Schools is $400,000. 

1. The Bond of Depository requirements are summarized in KRS 160.570. Each board of education shall appoint a bank, trust company, or savings and loan association to serve as its depository.  According to the administrative regulation, by July 1 of each year the depository selected shall, before entering upon its duties, execute bond for the faithful performance of its duties, to be approved by the local board of education and the Commissioner of Education. Security for the bond shall be deposited with an escrow agent in an amount equal to the penal sum of the bond. Per KRS 41.240 (4) and (5) the securities and obligations shall consist of United States Government Bonds, Kentucky School Revenue Bonds, or Federal Government Agency Obligations, including obligations listed in KRS 66.480 (1) (c).

2. Per 702 KAR 3:090 (1), accordingly, it shall be the duty of each local board of education, on the advice of the Superintendent, to determine the amount of the penal sum of the Bond of Depository, at least thirty (30) days prior to the depository entering upon its duties and by July 1^st of each fiscal year thereafter. 

1. The penal sum of the depository bond shall be at least equal to either (1) 103 percent of the current daily balances in each account as they may fluctuate throughout the life of the bond; or (2) the highest balance in each account in each month, for all accounts in the previous year.

2. The penal sum of the depository bond shall be adjusted to reflect expected increases in the highest daily balances due to anticipated changes of deposit amounts in the current year. 

3. No Bond of Depository shall be approved which, in the opinion of the Commissioner of Education, is inadequate to insure the deposits of the local board of education.

4. To reduce the penal sum of a collateral bond, the local board of education shall submit a notice, with reasons for the reduction, to the Commissioner of Education. A local board of education shall not permit a reduction of the collateral of a bond without execution of a new bond with prior approval of the Commissioner of Education.

    

    

The Holmes High School Class of 2020 includes 128 graduates. These students earned 384 college credit hours with two students earning 20 or more college credits. These students also earned approximately $1.5 million in merit scholarship money through their university/college of choice. Twelve graduated Career Ready and passed either a KOSSA or an industry certification. Twenty-three graduated College Ready and met their benchmark on English, Math and Reading through the ACT assessment. Six graduated College and Career Ready, passed either KOSAA/industry certification and met the academic benchmark for English, Math and Reading. 

This is our yearly review of the Assurances from the Kentucky Department of Education stating the Covington Independent Public Schools and the Non-Public Schools that receive funding from our district are in compliance with all the assurances listed in the Grant Management System document.

The District Assurances state CIPS is in compliance with various programs in the district. The assurances are general assurances that the district must follow.

Upon review and approval, we will send a statement via GMAP to KDE from Mr. Garrison with the meeting date stating that we will be in compliance with these assurances.

This process is required to be completed by June 30, 2020 in order to submit a cash request from KDE. 

Attached is the school bus maintenance agreement between Covington Independent Public Schools and Ludlow Independent Public School District.  The original agreement was approved by the Board on February 13, 2020 and is ending on June 30, 2020.  The Board requested the District to bring back the agreement each school year.

Mr. David Mumm, a Holmes alumnus and former baseball coach and teacher at Holmes, through is proceeds from both his estate and an individual retirement account he maintained at UBS, Mr. Mumm will be making significant gifts to both Holmes High School and the Tom Ellis Athletic Memorial (TEAM) Foundation. Attached is a letter from his executor of the estate of David D. Mumm outlining his intentions of the gifts and a Resolution for Receipt of Funds from UBS Financial Services. 

This is a request to approve the purchase of Apple iPads for grades 3-5. Included is the quote from Apple which reflects the KDE KETS contract pricing.

July 10-11 ~ KSBA Virtual Summer Leadership Institute

July 23 ~ Regular Board Meeting, 5 p.m.

KSBA's Learn & Earn Webinar Series will be held the second Wednesday of each month from noon - 1 p.m. E.T.

Pursuant to KRS 61.810 (1) the Board may go into executive session.