[Adopted 9-8-2015]
The Student Technology Insurance Fund (the "Fund") is hereby
established to account for and finance the Town's repair and
replacement costs of computer devices associated with Newington Public
Schools' 1:1 Technology Initiative. Said Fund shall serve as
a means to set aside funds in accordance with Newington Public Schools
1:1 Technology Initiative.
The Newington Board of Education is authorized to establish
fees and charges intended to generate income support for the Fund.
No appropriations or transfers from the General Fund shall be deposited
into the Fund. During the fiscal year, there shall be paid into the
Fund:
A.
Fees charged to students and families to purchase insurance to cover
accidental damage for the device as set by the Board of Education
per school year;
B.
Reimbursements charged to students and families for repairs and/or
replacement parts for maintenance completed by Newington Public Schools;
C.
Monies recovered from third parties, subrogation, direct recoveries
or litigation;
D.
Interest earnings.
The Director of Finance is authorized to draw upon the balance
of the Fund to pay for uninsured losses and/or repair and replacement
costs upon certification of Newington Public Schools' Chief Financial
Officer as to the validity of the expenditure. No expenditures from
said Fund shall be used for capital improvements or capital equipment
other than successor computer devices associated with Newington Public
Schools' 1:1 Technology Initiative. No other expenditures shall
be made from the balance of the Fund, nor shall any transfers be made
from the Fund for any purpose not authorized herein.
The unexpended balance of the Fund, together with interest earnings,
may accrue, and the balance thereof shall not be subject to lapsing
at the close of any fiscal period. The balance of said Fund or any
portion thereof may be invested separately or in conjunction with
other idle Town funds, but any applicable interest earnings shall
be credited to said Fund. The Town is not obligated to restore any
monies from the Town's operating General Fund budget. The Board
of Education shall address additional funding as it deems appropriate.
