DBJ - BUDGET TRANSFER AUTHORITY

In keeping with the need for periodic reconciliation of the school department's budget, the School Committee will consider requests for transfers of funds between cost centers as they are recommended by the Superintendent. This function will be delegated to the Budget/Finance Subcommittee if the transfer exceeds $15,000, which will report any changes in writing to the full committee. Any transfer exceeding $50,000 will require full committee approval.

The School Committee wishes to be kept abreast of the need for these adjustments so that it may act promptly and expedite financial record keeping for the school district.

All requests for transfers between cost centers as approved during the annual budget deliberation must be submitted to the School Committee for approval as part of the School Business Administrator's quarterly report at the business meetings of the School Committee.

All funds in the general account not expended by the close of the fiscal year will be returned to the municipality.

LEGAL REF.:  DOR 94-660

CROSS REFS.:  DBG, Budget Adoption Procedures

DI, Fiscal Accounting and Reporting

NOTE: Certain provisions in a policy in this category maybe established by town or city charter. If so, appropriate citations should be added as legal references.

SOURCE: MASC  2021

Adopted on: Jul 21, 2022