Bill > S1304

This bill allows school districts in Massachusetts to establish a reserve fund to pay for unanticipated or unbudgeted costs. The fund can be created by a majority vote of the school committee and legislative body, or in the case of a regional school district, by a majority vote of the legislative bodies in a majority of the member communities. The balance in the fund cannot exceed 10% of the district's annual net school spending. Funds can only be distributed from the reserve fund after a majority vote of the school committee and board of selectmen or city council (or the equivalent in a regional school district). The money in the reserve fund cannot be used to offset a municipality's required contributions towards net school spending.

Government Affairs

https://malegislature.gov/Bills/193/S1304