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Board adopts formal financial policies and approves school appropriation; general fund appropriation approved as listed
Summary
The Board adopted a set of financial policy guidelines recommended by Davenport & Company, including a 25% unassigned fund-balance target and a 5% budget-stabilization target, and approved a $131,987.97 school-fund appropriation; staff noted a second general-fund appropriation listed on the agenda and approved by voice vote.
The Southampton County Board of Supervisors on March 26 adopted formal financial policy guidelines presented by Davenport & Company and approved an appropriation to the county’s school fund.
David Rose of Davenport & Company briefed the board on recommended best practices and policy goals, highlighting fund-balance policy and a proposed budget-stabilization fund. Rose recommended a target unassigned fund balance of 25% of the general fund…
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