P-0170 - School Fund Balance Policy

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1 c5.~. s FINANCE DEPARTMENT ~~ ORANtiE COL'~TTY ~~'N ~. ~ Tu : Ctp Co~ie~f ~~~~~ ~'~am: Fin~noe Diotor ~ub,~e~t+ ~a~ded Pali~p an ~d Bal~a~e of ~ ~ch~ol 9~~t. Date: P~b~uar~r l~, 1~~~ rig t1~ ~.9~5-~~ lwd~et pro~e~s, xt wea derided tlant ~ pallcp ~hau].d b~ deveZope~ r~rdiag the ~p~~opriate a~~tat a~ ~ lane ~a~l~ble but pp~~pri~t~~ that each hoa1 ~~~~ should maint~in~ ~h p~li~p would ~~ ~~r~~d upon ~y the aunty ~a~ie~io~ers cad the herds of ~dnaat~an. This r~oo~mre~d~d pali~p regarding the fu~r~d ~~.l.a~ ~pplfes to ~]~ la~al current ponce fund and sddreeeee the mac a~ou~t of fund bal~u~~ ~~t~i1~~1e but ~~roprf~t~d tl~t each }stem should eve at the h~gaing a~ ea,uh fi~~ pears The s~1~ao1 apske~ sha+~l.d tafn Delp ~~~ fund balance neae~sarp ~a t their ~a~h ~1a~ .n~ed~ Bpd to ma1~ relativ~lp ~.iaar ad~u~ts i~ their 1~~~pri~t~Lon~ du~ri the pear The c~-1 ~;a~r~nt ~m~s~lon moaitar~ ~h~ find balance of tt~e a.~xal end of X11 t leiag u~,t~ of ~~e~t ~ North C~~ca ~ T~i~~r ~av~ ~sblf~l~d a p~li~y Chet ~uoh u~it~ o~ go~et~e~t ~ho~l~ ~ai.iotai.n eaoh fiscal pear a Gener~~. Fug fuu~d balance avaf ~b1e ~n a~ amount equ~1 to at lot ~ a~ the tit pef~ur~~ of tt~e n~t~ Futid for the per. ~.e ~oditures an ieb th~.~ ~~ ~~ ~'~ed ~~u~~~ ~ ~Cy f ~ ~~~~~ ~~~ the s~t~oo1 ~p~t' ~.0,~, current expen~~ ~~ well as far tl~~ir capita, outlay. Thus, in etfng the f~~~l Ga~rern~nt ~~~fotL~ ~ ~in~mum ~taard ~f 8~, the ~~unty ~ ~ fwd b~7,~ ~~ai~,~ ~b1e far the Gea~rel Fund in~lr~d~~ ~ a~ab~t~nt~1 ant that f~ relates to pen- ditures far the school ~p~tems ~ The ~,aoal G~vernt ~f~si ~o~s ~ i~~e such a min ststidard far tb~ school ~y~t themselves, 4ae cen conclude ir~m th~.s that they r~~ an the cauntf~ to ~.~.nt~ia an adequate fund. ~a]~.ace ~.svel for the school spst~ ~ superintendent a~ the f i~.nce dirtax for Orange aunty uh~als have e~p~c~ss their de$ire to mild the fund balance svsilable bud u~pp~ropriated in the lac~l current e~per~se fund to a lsl air $1~~, This mount Mould equal ~pprat~ly ~.~~ ~~ the br~d~eted uxpeaditures i~ this fug for Z9$5~g~ as ariginal~.y edopt~d. Based an the ~t th~.t grange ~t~ chua~.s recef~e the ~~~r portion of their ~,aca~ current esn ~ce~t~e frame tie ~~nty in an equal smart eh Month, ~ using a County' ~ $~ m~. stnndsrd a~ a gauge, a ~.7~ food ~alanca ~.s~r~1 ahauld bs adeq~~ts. ~~~ EAST 1~AF~~~T LA1~~ ~ ~I~L~B~~~~]G~, ~~T~ C~R~LINA ~ # ~~~~-51~~