Fund Balance Policy to Go Before Board

At this afternoon's Committee of the Whole meeting, WCPSS staff presented a draft policy to the Wake County Board of Education that would regulate the school board's use of the "Undesignated Operating Fund Balance." The school board uses this fund balance to address emergency funding needs or other one-time costs not included in the annual budget.

If the school board formally adopts the policy, then the board would:

• aim to hold this fund balance to no greater than six percent of the following year's county appropriation,
• return any amount above this six percent to Wake County government each year, and
• use no more than half of this fund balance to provide funding to the following year's budget.

The school board will formally vote on this policy at its November 20 meeting.

Posted by Chip Sudderth at 01:53 PM on November 06, 2007 | Leave Feedback

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