- Kiona-Benton City School District
- Series 6000 - Management Support
6115 - Fund Balance
MANAGEMENT SUPPORT 6115
The Board of Directors of the Kiona-Benton City School District Board of Directors recognizes the importance of maintaining a fund balance for the general fund for meeting cash flow requirements, protecting the district from economic uncertainties, and earmarking funding for future purchases that enhance student education and district operations.
Fundbalance consists of the following three (3) classifications:
Reserved Fund Balance – This portion of the fund balance is restricted for specific use or includes amounts required to be set aside through state, contractual, or legal requirements. Amounts within the reserved fund balance include, but are not limited to, reserve for inventory and reserve for self-insured funds to meet state reserve requirements.
Designated Fund Balance – This portion of the fund balance is earmarked for future financial resource use. Designated amounts include, but are not limited, to such categories as equipment replacement, building carryover funds, curriculum support, and unspent funds associated with specific program and grants.
Unreserved/Undesignated Fund Balance – This is the portion of the fund balance set aside to ensure the district meets cash flow requirements, as available financial resources for addressing economic uncertainties, including but not limited to, enrollment fluctuations, unforeseen cost increases, emergencies related to maintenance and operations, and loss of state and/or federal revenue. The unreserved/undesignated fund balance shall be maintained at a minimum of 4% and within a range of 3% to 5% of the general fund budget. Should the Board authorize use of the unreserved/undesignated fund balance below the 4% level, the Superintendent or designee, will prepare a financial plan identifying how the reserve will be returned to the 4% level.
|Legal References:||RCW 28A.505.90||Budget-Format, classifications, mandatory|
|RCW 28A.505.130||Budget-Requirements for balancing estimated expenditures|
|RCW 51.14.160||School districts, ESDs, or hospitals as self-insurers|
|RCW 28A.330.110||Insurance reserve - Funds|
Adopted: September 26, 2011