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662.3  = ; DISTRICT FUND BALANCE

Purpose

 

The Board of Education recognizes the need to maintain an operating reserve in = the general fund for the following purposes:

1.      Hold adequate working capital to meet cash flow needs during the year.

2.      Reduce the need for short term borrowing

3.      Serve as a safeguard for unanticipated expenses of the District=

4.      Show fiscal responsibility to maintain a high credit rating which will help redu= ce future borrowing costs.

Any under budget account balances in a given fiscal year will be added to the District fund balance.

 

Financial Disclosure

 = ;

Fund balance amounts will be reported in conformance with generally accepted accounting principles and shall be reclassified not less than the end of ea= ch fiscal year for general purpose financial statements.  The district shall report inventor= ies, long-term receivables and amount legally or contractually required to be maintained intact as non spendable.  The fund balance for the spendable portion of permanent funds and balance, if any, in the special revenue trust fund, debt service funds, food service fund, community service fund and any other fund established by regulatory authority shall be classified as restricted.

 

The board may, from time to time, commit amounts of the fund balance to a speci= fic purpose.  Such actions shall be taken in an open meetings and require the approval of the majority of the Board.  Commitments, once made= , can be modified only by a majority vote of the Board. 

 

The School Board authorizes and directs the Director of Business Services to as= sign fund balance; to the extent such assignment does not create a negative unassigned fund balance, as follows:

·      =    An amount sufficient to liquidate open encumbrances that are reasonably expect= ed to result in expenditures in the subsequent year and

·      =    An amount estimated to be sufficient to cover the cost of unsettled labor agreements, if any.

 = ;

Approved:      = 6-28-2011 = ;      

Revised:

 

 

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