BOE Nonlapsing Account 4.01 REVISED 9.11

BOF 4.01 
BOARD OF EDUCATION NON-LAPSING ACCOUNT POLICY 
 
 
PURPOSE OF ACCOUNT 
There is hereby created a Board of Education Reserve Fund pursuant to Connecticut State Statute Section 10-
248a to provide funding resources solely for future Board of Education. 
 
FUND CONTRIBUTIONS 
Subject to audit confirmation of the Board of Education's available year-end balance and the status of the 
unassigned General Fund balance, the Board of Finance may, deposit into a non-lapsing account up to 50% of 
any unexpended funds from the budgeted appropriation for education from the previous fiscal year.   This 
amount may not exceed 2% of the total budgeted appropriation for education for such fiscal year.  
 
CUSTODY OF FUNDS AND INVESTMENT 
The fund shall be accounted for on the Town's general ledger and will be solely used for Board of Education. 
 
The Board of Education Reserve Fund shall be part of the Town's pooled cash account or a separate cash 
account in the custody of the Town Finance Director or Town Treasurer. The Town Treasurer or Town Finance 
Director may, from time to time, invest all or any part of the monies in said Fund in any securities in which public 
funds may lawfully be invested. All income derived from such investments shall be paid into the Town's General 
Fund an/d become a part thereof. The Town's Finance Director shall exercise control and administration of the 
/Board of Education Reserve Fund on the Town's general ledger.  
 
At the end of each fiscal year, the Town Finance Director, after reconciliation with the Board of Education 
Superintendent and/or designee, will provide the Board of Finance and Board of Education with financial reports 
to identify the use of the fund and any remaining balance. 
 
CONTINUITY OF ACCOUNT  
Any unexpended funds which may remain at the close of each fiscal year in the Board of Education Reserve Fund 
shall be nonlapsing and remain within the fund for use by the Board of Education for future Board of Education. 
 
 
 
Approved: September 9, 2020  
Revised:  July 17, 2024 
Revised:  September 11, 2024