2340 - (DIA) Fund Balances
2340 (DIA) Fund Balances 2340 (DIA)
The School Board will return to the Town any unassigned general fund balance at year-end to
offset the next fiscal year’s tax rate unless the school district legislative body authorizes the
school district to retain year-end unassigned general funds in accordance with RSA 198:4-b.
The Milford School District Legislative body voted in March of 2021 to allow the school
district to retain year-end unassigned general funds in an amount not to exceed, in any
fiscal year, 5% for the current fiscal year’s net assessment.
Additionally, any fund balance shall only be used or returned in accordance with applicable New
Hampshire law and/or Governmental Standards Board Statement 54 (GASB 54).
Legal References:
RSA 32, Municipal Budget Law
RSA 33, Municipal Finance Act
RSA 35, Capital Reserve Funds
RSA 198:4-b Contingency Fund
Governmental Standards Board Statement 54 (GASB 54)
Adopted: 12/6/21