8421

COUNTY APPROPRIATION

8421

Revenues accruing to the school system by virtue of Article IX, Section 7 of the Constitution and taxes levied by or on behalf of the school system pursuant to a local act or Article 14 of G. S. 115 shall be remitted to the school finance officer by the officer having custody thereof within ten (10) days after the close of the calendar month in which the revenues were received or collected. The clear proceeds of all penalties and forfeitures and of all fines collected for any breach of the penal laws of the state, as referred to in Article IX, Section 7, of the Constitution, shall include the full amount of all penalties, forfeitures, or fines collected under authority conferred by the state, diminished only by the actual costs of collection, not to exceed ten percent (10%) of the amount collected.

Revenues appropriated to the school system by the county commissioners from general county revenues shall be made available to the school finance officer by such procedures as may be mutually agreeable to the board of education and the Wake County Board of County Commissioners. If no such agreement is reached, these funds shall be remitted to the school finance officer by the county finance officer in monthly installments sufficient to meet its lawful expenditures from the county appropriation until the county appropriation by the school system is exhausted. Each installment shall be paid not later than ten (10) days after the close of each calendar month.

When revenue has been appropriated to the school system by the county commissioners from funds which carry specific restrictions binding the county as recipient, the county commissioners must inform the school system of those restrictions in writing. The administration shall establish procedures for adhering to and monitoring of such restrictions.

Legal Reference: G.S. 115C-426

Adopted: December 13, 1976

Revised: January 21, 1992