7411P - Carry Over Funds-Unspent Building Allocations Procedure

Procedure 7411P

FINANCIAL MANAGEMENT

Carry Over Funds/Unspent Building Allocations

 

Definition:                          Carry over funds as referred to here shall mean the unexpended balance consisting of:

                                        1. Unpaid encumbrances and the resulting open purchase orders caused by non-delivery of                                                  product

                                        2. Unexpended or unobligated funds allocated and remaining in the program at the end of the                                              fiscal year

Rationale:                           Budget administrators should have budgetary flexibility to:

                                       1. Allow use of funds encumbered during a prior period paid during the current year when the                                               liability is incurred

                                       2. Accumulate funds from certain accounts to meet a specific need at a future time while                                                      satisfying current needs

Policy:                                Allocations remaining in certain accounts because of unpaid encumbrances shall be added                                              to the program administrator’s budget for the following year.

                                          Amounts not obligated or expended may be carried over to the following year upon the                                                      recommendation of the budget administrator and approval of the superintendent or designee.

 

 

 

 

 

 

Adoption Date:           July 23, 1996