SB 349 - AS INTRODUCED
2002 SESSION
06/10
SENATE BILL 349
This bill allows school districts to establish a non-lapsing contingency fund to meet the cost of unanticipated expenses.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
02-3074
06/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Two
AN ACT relative to establishing a contingency fund in school districts.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 School Money; Non-lapsing Contingency Fund Established. Amend RSA 198:4-b to read as follows:
198:4-b Contingency [Fund] Funds; Annual and Non-lapsing.
I. Every school district annually by an article in the warrant, and the governing body of a city upon recommendation of the school board, when the operation of the schools is by a department of the city, may establish a contingency fund to meet the cost of unanticipated expenses that may arise during the year. A detailed report of all expenditures from the contingency fund shall be made annually by the school board and published with their report.
II. Non-lapsing Fund. Every school district, through a majority vote of the legislative body, may establish a non-lapsing contingency fund to meet the cost of unanticipated expenses. The contingency fund shall be funded from unexpended general fund appropriations approved by the legislative body of the district. Said unexpended appropriations may accumulate until the contingency fund contains $50,000 or 3 percent of the current general fund appropriation, whichever is greater. Before expending funds from the contingency fund, the school board shall hold a public hearing using the procedure established under RSA 198:20-b, III. Expenditures from this fund shall be for any legal purposes for which a school district may expend funds and be exempt from all provisions of RSA 32 relative to limitation and expenditure of school district moneys.
2 Effective Date. This act shall take effect 60 days after its passage.