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Contingency funds policy presented; referral to Ways & Means for review
Summary
Administrator/Controller Lisa Sagala presented a Contingency Funds Policy outlining Year‑End Budget Remaining Funds distribution rules, a $10,000 department contingency cap, and an approval threshold of $1,500 requiring Ways & Means and Board approval; committee referred the policy to Ways & Means.
Lisa Sagala presented the Contingency Funds Policy that establishes how Year‑End Budget Remaining Funds (BRF) are allocated: 50% of BRF (up to a $10,000 department cap) may be deposited into the originating department's contingency fund, with the remainder split 75% to the Manistee County Contingency Fund and 25% to the Technology Contingency Fund. The policy also sets a $1,500 threshold above which department contingency expenditures require Ways & Means review and Board approval.
Committee discussed the policy and instructed that the Contingency Funds and Financial Policies be forwarded to the Ways & Means Committee for review. The minutes note the policy's documentation requirements and the Board's authority to modify the policy.
