The District has implemented GASB 54 as required beginning July 1, 2010-  June 30, 2011 fiscal year and fund balance measures the net financial resources available to finance expenditures of future periods, the District's Unassigned General Fund Balance will be maintained to provide the District with sufficient working capital and a margin of safety to address local and regional emergencies without borrowing. The Unassigned General Fund Balance may only be appropriated by resolution of the Board of Education.

 

Fund Balance of the District may be committed for a specific source by formal action of the Board of Education. Amendments or modifications to the committed fund balance must also be approved by formal action of the Board of Education. Committed fund balance does not lapse at year end. The former action required to commit fund balance shall be by the Board of Education annual Board approval.

 

The Board of Education will delegate annually authority to assign fund balance for a specific purpose to the Purchasing Agent.