3171.1 Non-lapsing education fund

Non-Instructional Operations 

3171.1 NON-LAPSING EDUCATION FUND 

The Windsor Locks Board of Education (Board) may deposit into a non-lapsing account any unexpended funds from the Board’s prior fiscal year general operating budget, provided such deposited amount does not exceed two percent (2%) of the total budgeted appropriation for education for such prior fiscal year pursuant to C.G.S. 10-248a.

Any expenditure from the Non-Lapsing Education Fund shall be authorized solely by the Board.  Each expenditure from such account shall be made only for educational purposes and under the following conditions:

1. such deposited amount does not exceed two percent (2%) of the total budgeted appropriation for education for such prior fiscal year;

2. each expenditure from such account shall be made only for educational purposes; and

3. each such expenditure shall be authorized by the Board.

The Board shall create the non-lapsing account and be responsible for the accounting of the funds in accordance with Governmental Accounting Standards and Generally Accepted Accounting Principles (GAAP). The account shall be subject to the annual audit as required by State statute. The Board shall review the fund balance on an annual basis.

Such fund may be discontinued, after the recommendation and approval by the Board, and any amounts held in the fund shall be transferred to the general fund of the District.

Legal Reference:     Connecticut General Statutes

10-51 (d) (2) Fiscal year. Budget. Payments by member towns; adjustments to payments. Investment of funds. Temporary borrowing. Reserve funds. (as amended by PA 21-2, JSS, Section 363)

10-222 Appropriations and budget

10-248a Unexpended education funds account (as amended by PA 19-117, Section 285)

Public Act 24-45 An Act Concerning Education Mandate Relief, School Discipline and Disconnected Youth (Sections 7-8)

Policy Adopted:  October 10, 2024