The Superintendent or designee shall maintain fund balances adequate to ensure the District’s ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Superintendent or designee shall inform the Board whenever the District must draw upon its reserves or borrow money.
The School District seeks to maintain year-end fund balances no less than the range of 15-20 percent of the annual expenditures in each fund. Any use of fund balances to offset a deficit budget requires a supermajority vote of the Board.
CROSS REF.: 4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits)
ADOPTED: November 19, 2012
REVISED: May 26, 2015
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