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701.3 GENERAL UNRESERVED FUND BALANCE POLICY |
Adopted: 6/28/04 Stewartville School District Policy 701.3 Revised: 701.3 GENERAL UNRESERVED FUND BALANCE POLICY I. PURPOSE The Stewartville Board of Education recognizes the importance of sound fiscal policies. The purpose of this policy is to establish a prudent fiscal general unreserved fund balance. II. GENERAL STATEMENT OF POLICY It is the policy of this school district that eight percent (8%) of general operating expenditures should remain in the general unreserved operating fund at all times. In order to reach that level, the Stewartville Board of Education establishes that six percent (6%) of general unreserved operating expenditures be held in the general unreserved fund by the end of the fiscal year 2005 and eight percent (8%) by the end of the fiscal year 2008. After that time, the balance of the said fund will not drop below eight percent (8%) of general unreserved operating expenditures. Legal References: Cross References: |
