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­:m MY <br />ORANGE COUNTY COADaSaIONE.RS <br />• - 106 :EAST MARGARET LArrE • ' <br />Fj .LSBOROUGH, N. C. <br />•'27278 <br />April 2, 1986 <br />Mr. Norman Haithcock, Chairman <br />Orange County Board of Education.. <br />200 East King Street <br />Hillsborough,-North Carolina 27278 <br />Dear Mr. Haithcock:. <br />it-was suggested during the 1985-86 budget deliberations <br />that • the ..Board- of.- .County. Commissioners and ..the Berard of <br />Education far epech..school system agree on a policy-regarding' <br />• <br />the 'fund balance of the Local Current Expense- -Fund. <br />Asa result, the orange County Board of Commissioners <br />agreed on•a policy at the February 18, 1986• meeting.' The <br />policy • agreed upon concerns ;the 'amount of:� .1 fund • balance <br />available but unappropriated far= the Local . barent' Expense . <br />Fund • ': a,. r.:i. .: J,IS ::F• •• 4; y °. ri`c.• <br />sc for;tYie"Oan e County <br />The key i --of the. - 01. ,.,., g <br />element; Y.r.. <br />School System <br />• �; Irv. .. •..+.:5 :�.-� :K.�.:'. °�'='�NSIi:G: ^�.. -.; 1.•. •�.'f'."..'•1�,` Y <br />^t }. r,, rt '•YOTrre:itxi:tir}�f r�wr�=,r ,� �i•i..,..: y --- t-°r 7'•-- •;p�: •,.- A]:�yi <br />,r� ��' ii3ci.' �--•---. u-,-- M. M „- n- �..•:�.w•:. +:t..::.a:^'tec� .: _ ,' ::; .: ?: v,;r <br />.;, F r x"`iai 3 • (tY3 19a:.• ..a„ r. • r.: <br />uni r o.ur f”, •'r ^. u nom:: v <br />but it :o f ;fund. ",baanl . The ; naxim <br />unappropr a6ed' atctiie: beginning o year <br />wild'..,; :. be: an; -,amopn equal f,; to 2.-7-.-..:., of .,:thd budgeted <br />#allv:..:.aoued::.for� the Local <br />Cur.rent::4xpense; <br />'r 'r:' •a- ,ti%FSC. _•_- '.IF^` ..•. +7't:f�t7• %'LL`tw,�'.°:.• -r. <br />2. Any fund balance available in excess of the amount <br />determined above will be appropriated. <br />3. There is a distinction between fund balance <br />available but unappropriated and a contingency <br />appropriation. The available but unappropriated <br />fund balance will not be appropriated without the <br />prior approval of the Board of County Commissioners <br />in as much as such an appropriation will entail a <br />higher based budget level in the following year <br />which the County will have to support. <br />4•. Realizing that the School System was short of the <br />amount of fund balance available but unappropriated <br />at the beginning of the 1985 -86. fiscal year that <br />this policy calls for,. this amount will be raised <br />