UINTAH SCHOOL DISTRICT POLICY ACTION REVIEW

 

1st Reading

5/9/17

New

X

2nd Reading

6/20/17

Revised

 

Approved

6/20/17

Substitute

 

 

004.0310 FUND BALANCE POLICY

NEW POLICY

 

Uintah School District (USD) recognizes the importance of maintaining fund balances at stable and sufficient levels to ensure long-term financial viability. Factors which impact the necessary level of fund balance include economic stability, reliability of local, state and federal funding, capital needs, bond ratings, and the ability to meet the other contingent issues or emergencies.

The District will make every effort to maintain sufficient reserves to:

         fund emergencies as they arise;

         ensure that learning and work flow is minimally impacted;

         ensure bond ratings remain at an acceptable level; and

         support long term planning.

As such, the District shall maintain total Committed Assigned and Unassigned Fund balances in the General fund at a minimum of 20% of total General fund revenues. Additionally, Unassigned and State authorized Economic Stabilization shall be maintained at a minimum of 15% of general fund revenues.

The District, reserves the right to appropriate funds from the fund balance for emergencies and other requirements or long term planning that the District believes to be in its best interests.

Any significant reduction of the fund balance shall be supported by:

         a written Board approved plan for the use of the funds;

         Board approval by either adopting the annual budget showing the use of fund balance, or approval during the year for adjustments as needed; and

         a replenishment plan which will replenish the reduced fund balances to the target percentage within a 3 to 5-year time period.