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Council adopts financial policy to codify school year-end reserves and CIP carryovers
Summary
Manassas Park council approved a financial policy formalizing a school stabilization/reserve account in the city general fund and clarifying treatment of year-end school surpluses and school CIP carryovers; the policy includes guardrails and a proposed 10% maximum discussed by council.
The Manassas Park City Council voted Dec. 2 to adopt a financial policy that formalizes accounting for school division year-end balances and capital-improvement program funds. Staff said Virginia law does not allow school divisions to hold a separate reserve, so the city will create a dedicated line in the general ledger (often described as a school…
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