This bill amends RSA 198:4-b to allow school districts to retain year-end unassigned general funds on an annual basis, rather than indefinitely until rescinded. The new language specifies that school districts may authorize the retention of unused funds by a vote of the legislative body, with the total amount not exceeding 3 percent of the current fiscal year's budget appropriation total. Additionally, the bill introduces a requirement that these retained funds can only be spent due to unusual circumstances, following the procedures outlined in RSA 32:11.

The bill also includes provisions for establishing a contingency fund, which must be approved by a separate article in the budget. It mandates that a detailed report of expenditures from this fund be published annually. Furthermore, the bill rescinds any existing indefinite authorizations to retain unassigned general funds under the previous law, ensuring that the new annual retention policy is the only method in effect. The act will take effect 60 days after its passage.

Statutes affected:
Introduced: 198:4-b
As Amended by the House: 198:4-b
HB1610 text: 198:4-b