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Committee updates policy language for 2% non‑lapsing education fund
Summary
The committee updated policy 3171 to reflect legislation allowing the Board of Education to place unexpended funds into a 2% non‑lapsing education account; Dominic will calculate final FY balances after June 30 and present amounts to the board.
The policy committee reviewed updates to policy 3171 governing the non‑lapsing education fund (the "2% account") and agreed the draft language should reflect recent legislative changes that authorize the Board of Education to deposit unexpended funds up to 2% without requiring town finance board approval in future fiscal years.
Latour explained the change: "This is the one about the 2% account. Legislation has changed, and so this particular policy has been updated to reflect those changes, so that the Board of Education is the authorized party to put unexpended funds into the account not to exceed 2%." She told the committee Dominic would finalize the fiscal year close on June 30, calculate the unencumbered fund balance, and present the final number to the board.
For the 2023‑24 budget cycle the board will still present the amount to the town council (because of timing), but beginning with the 2024‑25 budget the board can allocate up to 2% directly. Latour noted all expenditures from the account must be for educational purposes and remain subject to the annual state audit.
Committee members asked about timing and whether the prior year's funds had already been deposited; Latour said Dominic was completing audits and outstanding invoices and would present final figures in the fall. The committee did not record a formal vote in the transcript; the language will be included with other policy revisions for the instructional meeting review and subsequent board action.
