3020

Business and Non-Instructional Operations

Non-Lapsing Education Fund

The Newington Board of Education (Board) may request the town's Finance Director deposit into a non-lapsing account any unexpended funds from the Board's prior fiscal year general operating budget, provided such amount does not exceed one percent (1%) 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 of Education.

The Board of Education may designate these funds for a specific purpose or for other extraordinary or emergency expenditures which may be necessary, but not otherwise budgeted.

The Finance Director for the Town of Newington 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 of Education shall review the fund balance on an annual basis.

Legal Reference:  Connecticut General Statutes

10-222 Appropriations and budget

10-248a Unexpended education funds account

Policy adopted:  June 15, 2016

Policy reviewed:  January 15, 2025

Policy renumbered: May 28, 2025

NEWINGTON PUBLIC SCHOOLS

Newington, Connecticut