BUDGET TRANSFER AUTHORITY
During a fiscal year, as the School Committee and administration monitors expenditures and projects needs, it may be necessary to adjust accounts within the budget. The approval of such transfers shall be based upon need, emergencies, and/or circumstances that were unforeseen at the time of the adoption of the budget, or a reordering of priorities during the fiscal year. The following guidelines shall be followed for all budget transfers:
With the written approval of the Superintendent of Schools and Director of Financial Operations, funds not to exceed $10,000, or 10% of the line item, (whichever is greater) in transfers between School Committee meetings, may be moved between line items to facilitate the balancing of the budget.
In no case shall such transfer result in any change to the bottom line of the budget.
The School Committee will be notified of the transfers at each regular meeting.
Line item adjustments in excess of $10,000, or 10% of the line item, (whichever is greater) must be brought before the School Committee for approval.
All line item changes reflecting a substantial change in School Committee financial and/ or educational objectives must be brought before the School Committee for approval. (with the exception of cases for special education, emergency repair, or purchase.)
Discussion of the emergency expenditure and the resulting transfer of funds shall be added to the agenda of the next Committee meeting.
ADOPTED: November 6, 2017