When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by the board resolution. School district monies received without a designated purpose may be transferred in this manner. School district monies received for a specific purpose or upon vote of the people may only be transferred, by board resolution when the purpose for which the monies were received has been completed. Voter approval is required to transfer monies to the general fund from the capital projects fund and debt service fund.
The Board may loan monies between funds as it deems necessary and only in a manner consistent with state law. The Board shall exercise this authority judiciously. A loan from one fund to the other will be at a rate of interest consistent with the state rate. The period of the loan shall be for a reasonable period and no longer than one year from the beginning date of the loan.
It shall be the responsibility of the Director of Finance and Operations to make recommendations to the board regarding intra-fund transfers and loans and to provide the documentation justifying the transfer or loan.
(April 12, 1971; June 16, 1997; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)