[HISTORY: Adopted by the Town Council of the Town of Tolland 11-13-2018 by Ord. No. 86.[1] Amendments noted where applicable.]
[1]
Editor's Note: This ordinance also superseded former Ch. 8, Education Reserve Fund, adopted 8-27-2013 by Ord. No. 86.
There is hereby created a Board of Education Reserve Fund pursuant to Connecticut State Statute Section 10-248a to provide funding resources solely for future Board of Education capital, technology, and/or unanticipated special education expenditure funding needs.
A. 
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 shall, except as provided below, deposit into a nonlapsing account any unexpended funds of the prior fiscal year from the budgeted appropriation for education. This amount may not exceed 1% of the total budgeted appropriation for education for such fiscal year. The Board of Education shall provide a written request for such funds to the Town Council after they have approved the funding request at their Board meeting. The appropriation shall not be considered until the end of the third quarter of the fiscal year. If, prior to the appropriation being made, the State of Connecticut reduces and/or withholds ECS revenue in an amount greater than provided for in the Town budget, the appropriation request of the BOE may be denied in part or in whole.
B. 
The fund shall be accounted for on the Town's general ledger and will be solely used for Board of Education capital, technology and/or unanticipated special education funding needs.
The Board of 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 or Town Treasurer. The Town Treasurer or Town Finance Director may, from time to time, invest all or any part of the monies in said 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 Board of Education Reserve Fund on the Town's general ledger. Purchases will be made in accordance with Board of Education Policies. The Board of Education Business Manager 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 pursuant to the following:
A. 
The Board of Education shall approve requests for purchases or other uses made from this fund pursuant to § 8-2 above.
B. 
Once the Board of Education approves the requested use of the funds, the designated Board of Education employee(s) will provide a copy of the resolution authorizing the purchase to the Town's Finance staff and request the issuance of a purchase order. The Board of Education employee shall place the orders for the items once the purchase order has been processed. The purchasing process shall be pursuant to the Board of Education'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 Board of 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 chapter shall be reviewed by the Town Council and Board of Education at least every three years as needed or requested from the date of revision.