CHAPTER 127
S.P. 524 - L.D. 1647
An Act to Allow Averaging of Unallocated Balances Over 3% for School Budgets
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 20-A MRSA §15613, sub-§9, as amended by PL 1985, c. 797, §61, is further amended to read:
9. Balance of allocations. Notwithstanding any other public or private statute, general operating fund balances at the end of a school administrative unit's fiscal year shall must be carried forward to meet the next year's school school's needs in the next year or over a period not to exceed 3 years. Unallocated balances in excess of 3% of the previous year's school budget shall must be used to reduce the state and local allocations share of the foundation allocation for the purpose of computing state subsidy. School boards have the discretion of carrying forward unallocated balances in excess of 3% of the previous year's school budget and disbursing these funds in the next year or over a period not to exceed 3 years.
Effective September 21, 2001, unless otherwise indicated.
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