Bill > H1085

This bill amends the existing law to allow regional school districts in Massachusetts to establish a stabilization fund. The key provisions include: - Regional school districts can establish a stabilization fund by a majority vote of the school committee and approval from the majority of the local appropriating authorities (municipalities). - The fund can receive annual budget contributions up to 5% of the previous fiscal year's aggregate amount apportioned to the member municipalities, or a larger amount approved by the Director of Accounts. - The total amount in the fund cannot exceed 5% of the combined equalized valuations of the member municipalities. - The regional school district treasurer manages the fund and can invest the money in legal deposits or securities. - The stabilization fund can be appropriated by a two-thirds vote of the school committee for purposes the district can borrow money for or other purposes approved by the Director of Accounts. - This section also applies to any regional school district established under special law.

Government Affairs

https://malegislature.gov/Bills/190/H1085