[Adopted 3-8-2021 by Ord. No. 20-12]
There is hereby created an Education Reserve Fund pursuant to
Connecticut General Statutes § 10-248a to provide funding
resources solely for future Board of Education nonrecurring expenses
such as capital, technology, and/or unanticipated special education
expenditure funding needs.
Subject to audit confirmation of the Board of Education's available
year-end balance and the status of the unassigned General Fund balance,
the Town Council may, except as provided below, deposit into a nonlapsing
account such amount of the unexpended funds of the prior fiscal year's
budgeted appropriation for education for the Town as the Town Council
may determine. In making this determination the Town Council shall
consider increases or decreases in ECS revenue or other state funding
for educational purposes from that projected in the Town budget, contributions
made by the Town to the maintenance of buildings or the operation
of systems used by the Board of Education and/or any other factors
relating to the financial well-being of the Town as the Town Council
deems relevant. This amount may not exceed 2% of the total budgeted
appropriation for education for such prior fiscal year, or such other
percentage as authorized by Connecticut General Statutes § 10-248a.
The appropriation shall not be considered by the Town Council until
the end of the third quarter of the current fiscal year.
The Education Reserve Fund shall be part of the Town's pooled
cash account or a separate cash account in the custody of the Town
Finance Director. The Town Finance Director may, from time to time,
invest all or any part of the monies in said Education Reserve Fund
in any securities in which public funds may lawfully be invested.
All income derived from such investments shall be paid into the Town's
General Fund and become a part thereof. The Town's Finance Director
shall exercise control and administration of the Education Reserve
Fund on the Town's general ledger. Purchases will be made in accordance
with Board of Education Policies. The Board of Education shall also
maintain a ledger of the deposits and withdrawals of the fund within
their records.
Monies deposited into the Board of Education Reserve Fund shall
be used solely by the Board of Education for future Board of Education
nonrecurring expenses such as capital, technology, and/or unanticipated
special education expenditure funding needs, in accordance with the
following:
A.
The Board of Education shall provide a written request for such funds
to the Town Finance Director after it has authorized such funding
request.
B.
Once the Board of Education approves the requested use of the funds,
the Board of Education will provide a copy of the resolution authorizing
the purchase to the Town's Finance Director and request the issuance
of a purchase order. The Board of Education shall place the orders
for the item once the purchase order has been processed. The purchasing
process shall be pursuant to the Town's purchasing policies.
C.
At the end of each fiscal year, the Town Finance Director, after
reconciliation with the Board of Education Superintendent and/or designee,
will provide the Town Council and Board of Education with financial
reports to identify the use of the fund and any remaining balance.
Any unexpended funds which may remain at the close of each fiscal
year in the Education Reserve Fund shall be nonlapsing and remain
within the fund for use by the Board of Education.
The processes outlined within the sections of this article shall
be reviewed by the Town Council and Board of Education at least every
three years from the date of last revision.
