The Board may loan monies between funds as it deems necessary. The Board shall exercise this authority judiciously.
When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by Board resolution. Only monies that were received for use without a designated purpose may be transferred in this manner. District monies received for a specific purpose or upon vote of the people may only be transferred, by Board resolution when the purpose for which the monies were received has been completed. Voter approval is required to transfer monies to the general fund from the capital projects fund and debt service fund.
A loan from one fund to the other will be at a rate of interest consistent with the state rate. The period of the loan shall be for a reasonable period and no longer than one year from the beginning date of the loan.
It shall be the responsibility of the Board secretary to make recommendations to the Board regarding loans and transfers and to provide supporting evidence for the transfer.
Reviewed: FY 2016-2017, December 19, 2016