DBJ: BUDGET TRANSFER AUTHORITY

FILE: DBJ
 
In keeping with the need for periodic reconciliation of the school department's budget, the School Committee will consider requests for transfers of funds as they are recommended by the Superintendent.
  1. Whenever, in the best interest of the school system, it is necessary to transfer funds from program to program in excess of $75,000 the Superintendent of Schools shall seek approval from the School Committee and indicate the reasons why such transfer is required.
  2. The School Committee will act on the request at its next scheduled meeting. If a delay in responding to the request will have a significant negative impact on the system, or cause noncompliance with other financial rules and regulations, the Chairman of the School Committee can tentatively approve such transfers at the request of the Superintendent, subject to the confirmation by the School Committee at its next scheduled meeting.
 
The Committee wishes to be kept abreast of the need for these adjustments so that it may act promptly and expedite financial record keeping for the school system.
The Superintendent may request Committee to approve reallocation of budget line items throughout the fiscal year.
School Committee authorizes budget managers to transfer among operating budget line items assigned to each budget manager as needed, within program appropriation. All special revenue program fund transfers must follow respective awarding authorities’ requirements.
 
All funds in the general account not expended by the close of the fiscal year will be returned to the town.

Lexington Public Schools, Lexington MA
Adopted by Lexington School Committee: July 2015
 
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