Bill > H424

This bill allows school districts to create a special education stabilization fund, which is a reserve fund, to help cover unexpected or unbudgeted costs related to special education services and transportation for students attending schools outside their district. To establish this fund, a school district's school committee must vote in favor, and then the town's legislative body (or a majority of legislative bodies in a majority of towns for regional school districts) must also approve it. Money can be put into this fund through appropriations or transfers, and it can be used in the current or future fiscal years without needing a separate vote each time. The total amount in the fund cannot exceed 2% of the school district's annual net school spending, which is the total amount spent on education in a given year. The district treasurer can invest the money in the fund, and any interest earned will be added to the fund. For regional school districts, money can only be added to this fund through the annual budget approved at town meetings.