Policy committee consolidates fund-balance rules into single draft policy 72.15, agrees to send for legal review

The Lakeland Joint School District 272 policy committee on Wednesday reviewed a draft that combines the district’s existing fund-balance policies into a single policy labeled 72.15 and agreed to forward the draft for legal review and then to the full Board of Trustees.

Committee members said the merged draft adopts Governmental Accounting Standards Board (GASB) Statement 54 classifications and references Government Finance Officers Association guidance for best practices. Jessica, a staff participant, summarized the change: “we did not have policy 72 15. We had policy 7050, and then policy 7250,” and she said she had combined both into 72.15 so the district’s numbering aligns with other districts.

The committee discussed several substantive elements of the draft. Members reviewed the fund-type descriptions for the 100, 200 and 400 series and asked…