Bill > LD1103

This bill modifies how unallocated fund balances are handled for school administrative units in Maine by changing the percentage threshold for carrying forward excess funds. Specifically, the bill increases the threshold from 5% to 9% of the previous fiscal year's school budget, meaning that school boards can now carry forward unallocated balances up to 9% without having those funds automatically reduced from their state and local budget allocation. Any unallocated balances exceeding 9% must still be used to reduce the state and local share of the total allocation when computing state subsidy. School boards retain the ability to disburse these carried forward funds over the next year or up to a maximum of 3 years. This change provides school administrative units with more flexibility in managing their budgets and maintaining financial reserves, potentially helping them better plan for future educational needs and unexpected expenses.

Education

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1103&snum=132