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.
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.