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School board adopts policy setting 5% unassigned general fund minimum, requires board approval to spend below that level
Summary
The Lakeville Area Schools board approved revisions to Policy 7-14 to clarify the definition of general fund and to require board approval before using unassigned general fund reserves that would fall below 5% of the annual general fund expenditure budget.
The Lakeville Area Schools Board on a voice vote approved revisions to Policy 7-14 that set an explicit minimum unassigned general fund balance of 5% of the annual general fund expenditure budget and require prior board approval for any expenditure that would reduce the balance below that threshold.
Board members said the change is intended to clarify which fund the policy covers and to create an…
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